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    EUR/USD Price Neutral Under 1.1800, Focusing on German IFO figures

    Abstract: EUR/USD is trading lower but calmly within the bearish channel. The IFO German data is due on the day that is under focus. The technical picture remains bearish to neutral.
    Screenshot_2-37-1536x677.png

      On Friday, despite several important fundamental statistics on the

      Eurozone, the EUR/USD price did not go beyond the sideways channel.

      However, Euro buyers managed to protect the support at 1.1758, which is a

      good signal for forming an upward correction. In the morning forecast,

      we paid attention to the level of 1.1780 and was advised to open short

      positions from it when a false breakout was formed. The bears

      successfully defended the above level, which led to pressure on the

      Euro. However, we did not see a strong sell-off due to the fundamental

      data on the Eurozone.

      In the second half of the day, the bulls managed to form a false

      breakout in the support area of 1.1758, which led to a signal to buy

      the Euro but failed to break above the middle of the day 1.1784 sideways

      channel.

      On Monday, the focus should be on the IFO German Business Environment

      Indicator Report. The growth of this indicator is expected, which may

      lead to the strengthening of the European currency. However, all buyers

      tones will remain at the level of 1.1758, the lower band of the current

      sideways channel.

      Therefore, only good data on the growth of conditions in the business

      environment, which should exceed the forecasts of economists and the

      next formation of a false breakdown at this level, form a signal to open

      long positions to restore EUR / USD to the middle of the 1.1784

      sideways channel.

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
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