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Market Research & Info

Market Research & Info

Land-FX analyst Shadi Abdo

  • Member of The Egyptian Society of Technical Analyst
  • Head of Education department, Market Strategist, Chief Technical Analyst of Global Leading Forex Brokerage companies
  • Trained over 5000 professional trainers more than 10 years
  • BSc in Economics from Mansoura University

 

The pair managed to break the ascending channel as could be seen on the chart. Then it formed a descending channel so we believe that as long as prices advance and trade within the channel, the trend is considered bearish. To be accurate, the price is actually traded near to the upside of the channel (acts like a resistance level). Therefore, if the price continues to be traded below this level, we can go short targeting the level of 143.30 during the day.

Resistance levels:
144.60
145
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Support levels:
144
143.30
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Recommended:

We remain bearish as long as the pair is traded below the (upside of the descending channel).

Remember: Your capital is at risk!