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Euro / U.S. Dollar
Long
Updated

EURUSD at Key Support: Bullish Continuation Ahead?

EURUSD is trading within a well-defined ascending channel, indicating a bullish trend. The price has recently pulled back into a demand zone, which has previously acted as strong support. This confluence of support and the lower boundary of the channel suggests the potential for a bullish continuation.

If the price confirms a rejection from this zone, I anticipate an upward move toward the 1.05200 level, which aligns with the previous resistance level. However, a breakdown below the demand zone and channel support would invalidate this setup and signal possible bearish pressure.

This setup aligns with the idea of trend continuation within an ascending channel. Let me know your thoughts or if you have any alternative perspectives!
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DanieIM
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DanieIM

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