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EURUSD: The Pair Might Rebound But the Gains Seems Limited

(EURUSD : 4 Hour Chart)

EURUSD on the 4 hour chart seems like following a falling wedge pattern which gives a bullish signal. US dollar continue to weigh on the pair after the release of upbeat US nonfarm payroll data. Now investors are turning their attention towards the FOMC meeting minutes going to release on Wednesday this week. The pair might continue to decline but there is a key support at 1.3575. It will continue to trade within this until it breaks out from the resistance trend line and surge. On the chart we can also see that the 100 day SMA just crossed the 200 day SMA showing that the pair might recover some of its losses but the gains seems limited as 50 day SMA is contracting towards 100 day SMA. So the pair might not surge much. If the 50 day SMA crosses below the 100 day SMA, it will give a bearish signal and we might see some huge decline in the pair.

The pair might decline up to 1.3555 before surging from the falling wedge. However if the pair breaks out the pair might surge up to 1.3618