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    Technical analysis of EUR/USD for February 29, 2016 2016-02-29

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    Overview:

    • The EUR/USD pair continues moving downwards from the level of 1.0960 today. So, the pair has been dropping from the level of 1.0960 to the bottom around 1.0884. Today, the first resistance level is seen at 1.0960 followed by 1.0989 (weekly pivot point), while daily support 1 is seen at 1.0853. According to the previous events, the NZD/USD pair is still moving between the levels of 1.0960 and 1.0853; hence we expect a range of 107 pips. If the EUR/USD pair fails to break through the resistance level of 1.0960, the market will decline further to 1.0853. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.0853 with a view to test the daily support. Furthermore, if the trend is able to break out through the first resistance level of 1.0853, the pair will be falling towards the new double bottom (1.0776) this week. On the contrary, if a breakout takes place at the resistance level of 1.0960, then this scenario may become invalidated.

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