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Alan Collins: expect fresh buying pressure on EURUSD
Alan Collins from 3C Analysis is looking at EURUSD and for selling pressure to reassert.
Last week was the second down week in a row and although the downside stalled at a 50% correction to the gains from this year’s low, and while yesterday was the third up day in succession, the underlying tone remains negative.
Weekly momentum and strength indicators remain bearish and the thirteen day moving average has capped the last two days of investor demand.
So Alan is looking for selling pressure to reassert with the 100 day average and the daily Ichimoku Cloud pattern, currently around 1.3685; as the likely targets in the coming days. The risk to this bearish outlook is a move back beyond 1.3876.
00:50 minutes
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