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EURUSD : Trying to Reverse Downtrend to Uptrend


(EURUSD : 4 Hour Chart)

EURUSD is strengthening today ahead of the Fed meeting minutes. Since 11 June the pair is trading within a narrow range of 1.3579 and 1.3518. Although the moving averages on the chart are showing that the trend is downtrend but currently the pair is showing some bullish move. There is a rising support trend line from which the pair is experiencing support forming an ascending triangle. Also the pair rose above the 50 day SMA line. The stochastic oscillator is also showing that the pair will continue to move upward as %k line is below the %D line.

(EURUSD : Daily Chart)

However on the Daily chart, if the pair breaks this ascending triangle it will find the resistance at 23.6 fib level. So the upside gains seems limited. Breaking the 23.6 fib level will bring some gains to the pair pushing it towards the next fib level that is 38.2.