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EUR/USD Analysis: Trades Near Resistance Area

On Monday, the EUR/USD currency pair reversed north from the 1.1620 level.

It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages in the 1.1650 area. Thus, the rate could target the monthly S1 located at 1.1767.

Meanwhile, note that the currency pair would have to exceed the resistance formed by the 200-hour SMA, the weekly PP and the Fibo 61.80% in the 1.1707/1.1725 area. If the given resistance holds, the pair could consolidate in the short run.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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