Trade of the day: EURUSD

The markets have resumed trading for the year with the Dollar keeping up the strong performance that it closed 2016 with. EURUSD opened today below the pivot price which is at 1.0495, also maintaining a place in a bearish channel.

The pivot price is a resistance area and also the market seems to have bounced off the hourly MA which appears to act as a dynamic resistance as well. Other technical indicators such as the RSI is below the neutrality area and isnt showing much momentum to push upwards.

Best trade recommendations would be to go short and target 1.0445 and further down at 1.0405. This would likely pan out positive provided price stays below the stated pivot price. In the event which price moves above then short trades can be stopped and long trades considered with targets around 1.0520 and 1.0540.

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