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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EUR/USD right on channel resistance, prepare to sell

The price is right on major resistance at 1.1746 (Fibonacci extension, channel resistance) and we expect to see a reaction off this level for a drop towards 1.1617 support (Fibonacci retracement, multiple swing low support).

Stochastic (34,5,3) is seeing major resistance below 98% where we expect a corresponding reaction from.

Correlation analysis: USD/CHF and EUR/USD are negatively correlated. So it is nice to see a bounce on USD/CHF and a correlated drop on EUR/USD.

Sell below 1.1746. Stop loss is at 1.1782. Take profit is at 1.1617.

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The material has been provided by InstaForex Company - www.instaforex.com