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EUR/USD, GBP/USD, USD/JPY
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Weekly Forex Analysis
(March 01 - March 05, 2021)
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Hey! This is Philip with our new weekly outlook for EUR/USD, GBP/USD, and USD/JPY.
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This is only a short preview. The Full Weekly Forex Analysis is here: www.fxtradingrevolution.com/weekly-fx-analysis/2021-03-01_16:50
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EURUSD Technical Analysis
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EURUSD tried to break through the 1.22 resistance area last week but was fiercely rejected, and thus remaining in its recent trading range between 1.20 and 1.22. Importantly, the rejection comes with a bearish shooting star candlestick pattern (inverted hammer) on the weekly chart, which turns the
technical picture slightly dovish here.
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Risks for tests below 1.20 have now significantly increased. However, let’s not be so fast in claiming that a breakout below 1.20 is a given. This support in the 1.20 area is rock solid and will not give way easily. Under the current circumstances, a weekly
close below 1.19 is needed to confirm a bearish breakout of the 1.20 support area.
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If 1.20 breaks, then the next key support zone lower is in the 1.16 area.
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Any opinions, news, research, predictions, analyses, prices or other information contained in this newsletter is provided as general market commentary and does not constitute investment advice. FX Trading Revolution will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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