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Forex: EUR/USD Testing Major Support Level
Monthly Timeframe –
Following two consecutive months of declines, buyers and sellers are seen squaring off at major support from $1.0516 on the EUR/USD currency pair. In a market trending southbound since 2008, a break of this support level exposes another layer of support beneath parity at $0.9873.
Weekly Timeframe –
From the weekly timeframe of XAU/USD, you will note that the precious metal is shaking hands with long-term support at $1,823, which happens to share chart space with an equivalent AB=CD support pattern at $1,810 (100% projection ratio).
Weekly Timeframe –
The Nasdaq composite displays a tentative tone at trendline support (taken from the low of 10,207), formed by way of two back-to-back indecision candles. Given the uptrend, these indecision candles may be viewed as potential reversal signals to target highs of 14,149. However, in the event of a push lower, support at 12,265 warrants attention.
Daily Timeframe –
Price action on the daily chart of ETH/USD ruptured the upper boundary of a falling wedge pattern late last week (drawn from the high of $1,744) and reached a high of $1,755 before pulling back. Having seen the Relative Strength Index (RSI) testing the upper limit of its 50.00 centreline, could the major altcoin find support after breaking out north of the falling wedge and continue higher to the Pattern Profit Objective at $1,836?
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