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EUR/USD Bullish order block marks the support

Published 03/11/2016, 10:21
EUR/USD
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DX
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As explained in yesterday's article, the main reason for USD weakness now, is de-risking ahead of elections. Adding to lower than expected US ADP, we might assume that NFP too, will be lower then expected, but it remains to be seen tomorrow.

Technically, the EUR/USD is rejecting from clear resistance marked with H4 camarilla and trend line. For bulls, breakout can happen only above 1.1135 (4h close or h1 momentum break) towards 1.1170. Positional longs are located within POC 1.1040-50 (L4, trend line, EMA89, bullish order block) with 1.1020 as X cross ™ support. Break below 1.1020 would target 1.0960 and possible reversal.

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