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The situation in the Forex market changed dramatically this week, and you can see that clearly through the EUR/USD's movements.
Last week ended with a massive drop, and the price closed at new long-term lows. This week was different. The price reversed and was aiming higher almost every single day.
This week’s rise created two compelling bullish patterns on the chart. The first one can be seen on the weekly chart and is a bullish engulfing pattern. The second one can be seen on the H4 and is a handsome Inverse Head and Shoulder pattern. The formation is active as we’ve already managed to break the neckline (blue).
The situation looks excellent, but there is one thing missing. The price is still below the mid-term down trendline(red). It may still scare some buyers. We'll get a full-fledged buy signal once the EUR/USD manages to break the red resistance.
The price bouncing off the trendline and dropping below the neckline is still possible but is currently less likely to happen. Our view on the EUR/USD is bullish.
Currency markets operated normally last week and are expected to trade and move within ranges normally this week. Currency prices are trading in wide ranges without significant...
Our previous forecast had $1.03920 as a target, but the EUR/USD price was not able to move down from its current range; the $1.05087 and $1.05825 range was holding the price.On...
The EUR/USD pair moved slightly higher on Friday, helped by a softer greenback across the board. The pair remained on track to post its first weekly gain after three consecutive...
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