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EUR/USD Is In The Ascending Channel

Published 10/07/2020, 08:05 AM
Updated 07/09/2023, 06:32 AM

EUR/USD

After a flash crash in the last week of September, which only a strong support line could stop, EUR/USD turned in an upward trend. And it was able to form a small upward channel in a series of corrections and pullbacks. Now the price is at the lower border of this channel, at the 1.173 support line. In my opinion, this is a good entry point for an uptrend and movement towards the 1.182 resistance line.
EUR/USD

GBP/USD

Over the past few weeks, the GBP/USD pair has been showing rather faltering growth with large gaps. But nevertheless, it is moving in an upward trend. The two-hour TF shows how the price touched the strong support line 1.286 in the process of a slight pullback. Thus, it is supposed to take an advantage of this support and start rising towards the resistance line. This fact gives us a good signal to open a buy trade. But, please, keep SL in memory when opening a trade.
GBP/USD

USD/CAD

The two-hour TF shows that since the beginning of October, the USD/CAD price has been in an uptrend, but there was a resistance zone on its way. The pair had already stopped its growth several times, unable to overcome this zone. Now it failed again. But we can see that USD/CAD is close to two support lines. And it can be expected to descend to the point of their intersection. So, the final target in this case is 1.322.
USD/CAD

EUR/JPY

Throughout the summer, we could observe a steady rise of EUR/JPY, but in mid-September it collapsed quite sharply, losing half of the positions, having been worked out over the summer. And then the price moved along the support line without making any significant breakouts or pullbacks for a while. But at the beginning of October, we see EUR/JPY trying to remove to its previous positions. Now the price is near the support zone 124.0, and I expect it to continue rising. Thus, the pair will come to the strong resistance line 125.4.

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EUR/JPY


Please, pay your attention! Financial market forecasts are authors' private opinions. The current analysis is not intended to be a trading guide. The author is not responsible for the results of work that may arise when using trading recommendations from the forecasts presented.

Latest comments

Degram most of the time thing go opposite to what you say.
Good afternoon. All forecasts from this article have passed or are going in the direction that is described in the article and shown on the graph.  Please don't mislead people by not checking the information. Have a nice day.
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