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Technical Analysis EURUSD : 2020-12-02

Recommendation for EUR/USD:

Strong SellSellNeutralBuyStrong Buy

Below 1.2041

Sell Stop

Above 1.2087

Stop Loss

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Senior Analytical Expert
Articles 1643
RSI Neutral
Donchian Channel Neutral
MA(200) Buy
Fractals Neutral
Parabolic SAR Sell

Chart Analysis

IFC Markets Tech Analysis

On 1-hour timeframe EURUSD: H1 is retracing down toward the 200-period moving average MA(200) which is rising. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2041. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2087. After placing the order, the stop loss is to be moved to the next fractal high , following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Germany’s retail sales rose in November more than expected. Will the EURUSD advance continue?

Germany’s retail sales rose in November more than expected: retail sales rose 2.6% over month after 1.9 % decline in October when an increase of 1.3% was forecast. This is bullish for EURUSD but the technical setup is bearish for the pair.

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