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Morning technical analysis – 3 April 2014
The euro was looking a little more bullish against the dollar at the start of the week, following the bounce of the 50-day SMA and 50 fib level, 3 February lows to 13 March highs. We’d also seen divergence at this level which made it look even more bullish. However, a failure to break previous highs followed by a bearish engulfing pattern on the daily chart suggests the pull back in the pair is not over. Should we see further declines in the pair today, support could be found around the 50-day SMA again, around 1.3734 and the 50 fib level. That said, the lack of upward momentum following the bounce off these ... (full story)