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Daily analytical report (03/10/18)

  • With regard to EURUSD, buyers can finally catch their breath after a huge decline that rocked the market at the beginning of October. Sellers are taking a break and buyers are licking their wounds. The price bounced from the 1.153 support, which proved to be crucial for both sides of the market. Is the decline over? We do not think so. For us, this rise is not a reversal, but just a correction.
  • GBPUSD is showing an even better example of bearish sentiment. Here, the current rise is shaped like a typical correction, the smallest of the three most recent. That should result in a further drop. Short positions on the cable seem safe.
  • XAUUSD reversed, creating a false breakout pattern. What is important is that this rise is happening with a stronger USD, which shows us that we may be experiencing a shift with regards to precious metals. The buy signal will be triggered once the price breaks the green resistance, which has been stopping the price for the past few weeks.

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