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Technical Analysis – EURUSD July 16

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EURUSD made a 400-pip jump on July 10 to reverse a downtrend since June 19 that brought it to a low of $1.2754. The pair has since climbed to a high of $1.3205 on July 11 and subsequently consolidated with support at the key psychological level of $1.3000.

After retesting this key support level a few times, EURUSD rose to a high of $1.3136, which is near the 38.2 percent Fibonacci level of the move from 1st May 2011 high down to the low of 22 July 2012. This has proven to be strong resistance so far.

Technicals on the hourly chart are mixed. MACD is flat, close to the zero line but slightly above it. RSI hit the 70 level and is turning downwards. The stochastic just crossed its signal and is moving up towards the 80 level.

Support lies at the 50- day MA at 1.3060, while short term resistance lies at $1.3130 (38.2 Fib) and the recent high of $1.3205.

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