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Daily analytical report (16/11/17)

  • As expected yesterday, the EURUSD pair declined sharply, creating a strong shooting star on the daily chart. This opens a way to a bigger correction aiming the closest support (1.1730). It looks like the bears are very determined so the downswing could be actually stronger and might aim for the 50% Fibo along with the upper line of the flag.
  • USDCHF also reversed sharply, using a super important support from January, March and May. The price is now creating a bullish flag. A breakout of its upper line should bring us a buy signal.
  • USDCAD is also very close to having its own buy signal. What we have here is a bounce from the upwards trend line, a bullish wedge, and an inverse head and shoulders pattern. All we need for a proper signal is a breakout of the upper line of the small flag and the resistance at 1.277.

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