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Daily analytical report (05/07/18)

  • The GBPJPY pair broke two downwards trend lines and the upper line of the pennant formation. This has all the makings of a buy signal. At least almost all, as we still need to break the horizontal resistance around 146.5. Once the H1 candle closes above the green area, we will get a significant buy opportunity.
  • Next is the EURJPY pair, which for the past few days has been caught within a tight range of 128.6 and 129.5. It would be a nice buy signal if the price closed above the upper boundary. Currently, that seems more likely, as the price is attacking this resistance as we speak.
  • The EURUSD pair defended the mid-term horizontal support and the long-term upwards trend line. Time for a bullish counter. The price is breaking the mid-term downwards trend line, but for a proper signal we still need to see the breakout of the resistance on the 38.2% Fibonacci.

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