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Daily analytical report (20/04/17)

  • Since the 18th of April, when we found out about the snap election in UK, markets are now much more calm. We don't have any strong market movers. Many analysts are trying to play up the French elections, but in my opinion, currency markets don't care about them so much.
  • EURUSD is heading towards a crucial long-term resistance created by the horizontal resistance at 1.085 and a dynamic down trendline connecting long-term lower highs. We're still 80 pips away but I think we'll get there in the very near future.
  • The Cable is taking a break after a surge earlier this week. The correction is small and typical for a strong bull market. Sentiment is positive and many long-term sellers have a hard time ahead of them.
  • EURGBP is retracing the recent bearish breakout. This is a normal movement that is widely used by determined sellers to open new short positions. As long as we stay below all major resistances, the sentiment is strongly negative.

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