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Technical analysis for the EURUSD on 17.06.2015

The EURUSD keeps consolidating below the 1.1300 trend line

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 200 pips Max. 1.1455

Min. 1.1080

The third test of the descending trend line at 1.1300 was followed by the rebound up yesterday. The rebound occurred at low volume, there’s a possibility of another retracement towards trend line.

Despite the fact, that the uptrend has given signals for reversal, we have to wait for the fundamental news to come out first to make up our expectations about future price development. FOMC interest rate decision, Fed Chair Yellen’s speech and FOMC economic projections will be released at 21.00 today.

If amid the news bulls fail to break above the 1.1300 trend line again, downtrend will recommence. Potential decline targets in this case will be found at 1.1180, 1.1070.

Alternative scenario: the breaking of the descending trend line at 1.1300 will open the way to 1.1455 resistance.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The EURUSD keeps consolidating below the 1.1300 trend line

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 200 pips Max. 1.1455

Min. 1.1080

The third test of the descending trend line at 1.1300 was followed by the rebound up yesterday. The rebound occurred at low volume, there’s a possibility of another retracement towards trend line.

Despite the fact, that the uptrend has given signals for reversal, we have to wait for the fundamental news to come out first to make up our expectations about future price development. FOMC interest rate decision, Fed Chair Yellen’s speech and FOMC economic projections will be released at 21.00 today.

If amid the news bulls fail to break above the 1.1300 trend line again, downtrend will recommence. Potential decline targets in this case will be found at 1.1180, 1.1070.

Alternative scenario: the breaking of the descending trend line at 1.1300 will open the way to 1.1455 resistance.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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