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EURUSD: Intraday Analysis update & Outlook

Intraday Analysis | 1H Chart |

The market does not seem to be influenced by external events, despite the terrorist attack in Brussels, there appears to be a surreal calm. From our point of view, only an escalation by USA could degenerate the current geopolitical context. If the US army intervenes in the conflict in support of Israel, a reaction of “safe assets” is possible (Dollar Index could shoot up and cause pairs such as EURUSD, GBPUSD, AUDUSD,…to collapse). Having said that, the main trend remains bearish on intraday chart, but at the same time, if it manages to hold the support area around 1.0529/1.0521, the pair should trigger an ABC Pattern (bullish) supported by potential Reverse Head and Shoulders. In this context, it is really complicated to look for positions against the US dollar, but this is the only technical picture we have at the moment. Of course, we are not obliged to take a position on the market, so it is possible to wait for further confirmations and temporarily stay out. With this in mind, the technical picture is what we have shown on 1H chart. If we want to try to take a long position on a support area, it is necessary to use a small initial size with a stop loss below the previous low. If the setup is correct, we will eventually have time to add long positions step by step.

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