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EUR/USD bouncing off major support, remain bullish

EUR/USD has bounced off our buying area. The plan for today is to remain bullish above 1.0853 support (Fibonacci retracement, horizontal support) for a push up to 1.0948 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is seeing major support above 2% from where we expect a bounce.

Correlation analysis: EUR/USD and USD/CHF are negatively correlated which means that they usually move in opposite directions. We're expecting a drop in USD/CHF which goes in line with the rise we expect on EUR/USD.

Buy above 1.0853. Set stop loss at 1.0787 and take profit at 1.0948.

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