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EURUSD Analysis: Reaches Marked Support

There are three facts that need to be described to update the situation.

First of all the pair has hit the previously speculated lower trend line of a medium term ascending channel pattern. The rate rebounded against the support after shortly touching it above the 1.1720 mark.

Secondly a rebound followed, which was already stopped on Tuesday morning by the resistance of the 55-hour simple moving average. The SMA is just the first one in a cluster of resistance levels.

Third and last the pair is set to be squeezed in by the medium support and the SMAs.

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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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