EUR/USD: Tension at Support and Resistance Levels
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The EUR/USD chart is painting a tense picture as prices hover around $1.10714. With strong support at $1.10501, buyers are making efforts to defend this crucial level, preventing deeper declines.
However, the major challenge lies at the $1.11451 resistance, and a strong rally could unfold if buyers manage to break through. Support from the EMA 34 ($1.11299) and EMA 89 ($1.11238) also plays a key role in reinforcing the upward momentum.
If the price fails to surpass the $1.11451 resistance, a correction may occur, bringing the price back to the $1.10501 support, waiting for another chance to rise toward the significant resistance zone at $1.12134.
However, key economic news from the U.S. will be the main factor determining the next direction for EUR/USD. Will the rally ignite, or will the price turn back for a correction? Stay tuned for the exciting developments ahead!
However, the major challenge lies at the $1.11451 resistance, and a strong rally could unfold if buyers manage to break through. Support from the EMA 34 ($1.11299) and EMA 89 ($1.11238) also plays a key role in reinforcing the upward momentum.
If the price fails to surpass the $1.11451 resistance, a correction may occur, bringing the price back to the $1.10501 support, waiting for another chance to rise toward the significant resistance zone at $1.12134.
However, key economic news from the U.S. will be the main factor determining the next direction for EUR/USD. Will the rally ignite, or will the price turn back for a correction? Stay tuned for the exciting developments ahead!
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