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FOREX market begins a new week with restraint mode, more signs of USD recovery ahead

The phase of recent volatile equities growth, declining yields and a weaker dollar may end. SP 500 index recovered 38.2% of its fall from a record high in September. Despite the fact that the dollar showed strong bearish sentiment, it looks like it will begin to recover in the coming days.

Last week EUR / USD tested the upper limit of a wide trading range. Quotes reached $ 1.1570, the highest point since the end of September. However, before the weekend, the market leveled growth, and the single currency ended the week again in the trading range of $ 1.13-1.15. The euro closed last week below the five-day moving average for the first time since January. MACDs are falling, but stochastics are not declining yet. Initial support is around $ 1.1440, and then $ 1.1410-20. The 100-day moving average is around $ 1.1475.

Sterling closed above the previous day's high as part of bullish technical development on Friday. It seems that many market participants go beyond voting this week, which will probably mark a dramatic defeat in the bill. The most likely scenario is the delay in leaving the UK from the EU after the end of March. Sterling may prevent the recovery of the dollar, which strengthened against the euro. Initial resistance is expected to be around $ 1.2870, but upward movement is aimed at $ 1.30. Euro recorded a negative day and a week against sterling. 

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