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  1. #1
    Nigen is offline Junior Member
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    Post Forex Analysis by ForexCycle

    EURUSD rebounded from 1.1809 after touching the bullish trend line on the 4-hour chart, suggesting that the pair remains in the uptrend from 1.1554. Another rise could be expected after consolidation and a breakout of 1.1961 resistance could take price towards 1.2092 (Sep 8 high). On the downside, a clear break below the trend line support could bring price back to next support level at 1.1809. Below this level will indicate that the uptrend had completed at 1.1961 already, then the pair would find next support at 1.1712. Below here could trigger further downside movement towards 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390.

    20171201_EURUSD_1.jpg

  2. #2
    Nigen is offline Junior Member
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    The GBPUSD pair remains in uptrend from 1.3039, the fall from 1.3549 could be treated as consolidation of the uptrend. As long as the price is above the trend line, the uptrend could be expected to continue and next target would be at 1.3657 (Sep 20 high). Near term resistance is at 1.3549, a breakout of this level could signal resumption of the uptrend. Near term support is at 1.3375, below this level could trigger further decline towards the rising trend line on the 4-hour chart now at around 1.3280. Only a clear break below the trend line could signal completion of the uptrend.


  3. #3
    Nigen is offline Junior Member
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    EURUSD broke below 1.1809 support, suggesting that the upside movement from 1.1554 had completed at 1.1961 already. Further decline would likely be seen in the coming days and next target would be at 1.1712. A breakdown below this level could take price to next support level at 1.1554, followed by the resistance-turned-support trend line on the weekly chart now at around 1.1390. Near term resistance is at 1.1880, only a breakout of this level could trigger another rise to test 1.1961 resistance, above this level will confirm that the uptrend from 1.1554 has resumed, then next target would be at 1.2092 (Sep 8 high).


  4. #4
    Nigen is offline Junior Member
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    The GBPUSD pair failed in it attempt to break below the bullish support trend line on the 4-hour chart and rebounded strongly from 1.3319, suggesting that the pair remains in the uptrend from 1.3039. As long as the price is above the trend line, the price action from 1.3549 could be treated as consolidation of the uptrend. Further rise to test 1.3549 resistance would likely be seen after the consolidation, and a breakout of this level will indicate that the uptrend has resumed, then next target would be at 1.3657 (Sep 20 high). On the downside, a breakdown below 1.3319 support will confirm that the uptrend had completed at 1.3549 already, then deeper decline to next support level at 1.3220 could be seen. Below this level could trigger further downside movement towards 1.3027 (Oct 6 low).


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