EUR/USD regains 1.0500 on the road to recovery
Updated
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Today, the EUR/USD is trading at 1.0500, attempting a gentle recovery from its 8-month low of 1.0488 during Thursday's Asian trading session. The modest decline of the US Dollar, amidst optimistic sentiment and the sluggish pace of the US Treasury bond yields, is providing support for this currency pair.
On the 4-hour chart, this pair has rebounded after touching the lower boundary of the downward channel, indicating the potential for a correction or consolidation. However, breaking below the decisive level of 1.0480 could trigger an acceleration towards the next support zone at 1.0455. Immediate resistance is located at 1.0550.
Today, the EUR/USD is trading at 1.0500, attempting a gentle recovery from its 8-month low of 1.0488 during Thursday's Asian trading session. The modest decline of the US Dollar, amidst optimistic sentiment and the sluggish pace of the US Treasury bond yields, is providing support for this currency pair.
On the 4-hour chart, this pair has rebounded after touching the lower boundary of the downward channel, indicating the potential for a correction or consolidation. However, breaking below the decisive level of 1.0480 could trigger an acceleration towards the next support zone at 1.0455. Immediate resistance is located at 1.0550.
Note
good luckNote
US T-bond yields continued to push higher and the US Dollar shined as the go-to safe-haven asset, forcing EUR/USD to stay on the back foot.Note
Support levels: 1.0484 1.0440 1.0395Resistance levels: 1.0560 1.0610 1.0660
Note
EURUSD is bullish as indicated, the outlook has been establishedNote
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