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EURUSD Faces Support Test Amidst Bullish Outlook

by Daisy

The EURUSD pair encountered downward pressure recently, testing the crucial support level at $1.0675. However, the price managed to consolidate above this mark and has since shown signs of upward movement at today’s open, bolstered by positive stochastic indicators. This maintains the current bullish trend, with expectations set on breaching the resistance level at $1.0750. A successful breach could trigger a bullish continuation, potentially targeting the next significant level at $1.0840, supported by the triple bottom pattern.

Analysts advise a bullish stance for the intraday outlook, contingent upon the price remaining above $1.0675 and avoiding a daily close below this critical support level.

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Anticipated Trading Range

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The trading range is expected to fluctuate between support at $1.0630 and resistance at $1.0775.

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