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Daily analytical report (23/01/18)

  • The last few days on the USD have brought us a rather boring sideways trend. These kinds of movements have one advantage; they should eventually come to an end, bringing us some directional movements and, at the same time, some proper trading signals. EURUSD is locked inside of a symmetrical triangle pattern. On Tuesday, the price is trying to break the lower line of this formation. If successful, we should see a further drop aiming at the 1.208 support.
  • The USDJPY has also created a triangular formation on the chart. The key to dealing with such formations is to wait for a breakout and then act; not to guess the direction in advance. A breakout of the upper line would open the way towards the resistance at 112, while a breakout of the lower line would open the way towards 108.3.
  • Bitcoin still cannot recover after the turbulence caused by developments in South Korea. We made a beautiful impulse equality pattern but the price failed to go higher and stopped at the mid-term downwards trend line and the horizontal resistance at 11,200 USD. As long as we stay below this area, the sentiment is negative.

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