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Forex News EUR/USD

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EUR/USD decided to rally during the last day of 2019 and the first day of 2020 and reached 1.1240, it will likely break out above 1.1250 too.
 
It pulled back from 1.1240 which was to be expected after such a rally, but after a correction the move north will likely continue.
 
Either way, EUR/USD is at 1.1160 and it is unclear how it will develop for now, it's possible it will depreciate back below 1.1150.
 
It formed an inverted hammer candlestick at the support 1.1130 on the daily time-frame and bounced off from it, apparently this was the end of the current depreciation.
 
The move south continues, I think it will depreciate back toward 1.1100 and may even break out below that level.
 
It dropped to 1.1100 as I thought it would but a breakout is yet to occur, which is still possible to happen by the end of the trading week.
 
EUR/USD depreciated to 1.1085 and found some support there but it remains bearish for now so it will likely break out below that support.
 
It's still testing the resistance at 1.3070 despite the signal for a move south, let's see whether will prove to be a false signal.
 
It briefly broke out above 1.1150 but now it's back below that level, whether there will be a true breakout remains to be seen.
 
The pair has formed a hammer candlestick at the support at 1.1075 - 1.1080. It is quite likely that it will, indeed, bounce off from it.
 
EUR/USD also formed an inverted hammer at 1.1080, so even if the move north does not begin this week there will most likely be one next week.
 

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