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Forex technical analysis: EURUSD starts week with a modest rally

Discussion in 'Technical Analysis' started by ForexLive, Oct 17, 2016 at 2:09 PM.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Tests trend line in early NY trading The EURUSD dipped to a new move low in trading early in the NY session (lowest level since July 27th), but with little follow through momentum. The price has been slowly moving higher and currently tests a trend line connecting highs from Oct 10 and Oct 14 at 1.1003 after the weaker than expected Empire manufacturing data. The 38.2% of the move down from Thursday's high comes in at 1.0999. Sellers are leaning on the first look. On a break, the 100 hour MA (blue line in the chart below) will likely be a potential target to next wander toward. That MA comes in at 1.1022 currently. The EURUSD has not traded above the 100 hour MA since October 10th - so look for sellers on a test. If sellers at trend line keep a lid on the pair, the 1.0984 (low from Thursday) will be a level to get to - and through. That area has been holding the low over the last 4-hours.

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