Forecast and technical analysis EURUSD on August 08, 2017.

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EURUSD: price touching the LB balance line

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Trading on the euro/dollar pair on Monday closed 0.19% up. After restoring to 1.1814, the euro fell to 1.1781. Sellers were unable to breathe further life into the downwards impulse against the growth on the euro/pound cross during the US session. Trading closed at 1.1795. The economic calendar was empty, so there was low activity on the market up until the Asian session.

Interest in cryptocurrencies rising

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Interest in cryptocurrencies is continuously on the rise across the world. The prices of some of these currencies are rising at breakneck speeds. Over the weekend, the bitcoin hit a new all-time high and is trading at 3235 USD today. The market’s shine is attracting not only buyers (not all that shines is gold), but is also creating the need for more ICOs. Everyone is trying to take advantage of this and so there’s been a lot of hype around ICOs recently, which actually creates competition among cryptocurrencies. In the picture below is a monthly bar chart of new ICO funding.

Forecast and technical analysis EURUSD on August 07, 2017.

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EURUSD: slide from the 67th degree expected

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On Friday the 4th of August, trading on the euro closed 95 pips down against the dollar. The pair consolidated around 1.1880 up until the NFP report. The strong US labour data led buyers to close their short positions on the dollar. The euro dropped 148 pips to 1.1728 in the space of 3 hours as a result of triggered stop levels.

Forecast and technical analysis EURUSD on August 04, 2017.

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EURUSD: markets await NFP

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On Thursday the 3rd of August, trading on the euro/dollar pair closed up. After falling to 1.1831, the single currency trimmed its losses against the greenback with a jump to 1.1893. Euro bulls first received support from the Bank of England’s minutes and then from Mark Carney’s speech. The dollar then took a dive on the back of a sharp drop in US bond yields.

Forecast and technical analysis EURUSD on August 03, 2017.

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EURUSD: markets await BoE decision and Mark Carney’s speech

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On Wednesday, trading on the euro closed up. Towards the end of the US session, the pair experienced increased volatility and the exchange rate sharply dropped. After a 90-pip surge to 1.1910, the pair underwent a 60-pip correction to 1.1850. In Asia, this drop continued to 1.1834.

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