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FX.co ★ Technical analysis for EUR/USD for January 28, 2019

Technical analysis for EUR/USD for January 28, 2019

Last week I mentioned that it was important for bulls to see a weekly close above 1.1350. The weekly close was even better. Price closed above 1.14 and a bullish reversal candlestick pattern was created. A bullish hammer pattern was made and this gave bulls hopes for this week.

Technical analysis for EUR/USD for January 28, 2019

Green rectangles - bullish hammer patterns
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Red lines - bullish divergence

Bulls saw EUR/USD close above 1.14 last week but need a follow through this week. Resistance is found at 1.1490 and a weekly close above it would be great news for bulls. On the other hand bulls do not want to see price reverse and close below 1.1350. That would be a bearish sign. EUR/USD has the potential to move higher as long as 1.1350-1.13 area holds.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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