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EUR/USD: Double Bottom Support At 1.0350/40

Published 01/04/2017, 05:21 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Forecast Weekly Chart

EUR/USD topped at first resistance at 1.0480/70 & sold off to as expected to retest the 1.0360/50 low. We bottomed only 11 pips below for a sharp reversal up to 1.0432. *The double bottom could trigger a further recovery in to the end of the week.* First target & resistance at 1.0460/65 is a tough challenge & we could top here today, to trade back down to 1.0415/10, 1.0370 & perhaps as far as 1.0350/40. However if you try shorts at 1.0460/65, place stops above 1.0490. A break higher sees 1.0460/65 act as support to target resistance at 1.0550/60. A high for the day expected but shorts need stops above 1.0590. If we continue higher this week look for an excellent selling opportunity at 1.0640/50.

Double bottom support at 1.0350/40 but obviously a break below is an added sell signal in the bear trend. Eventually we are likely to target 1.0120/00.

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