EUR/USD: Resistance Zone Possible Rebound To Previous Support
Yesterday, the EUR/USD experienced a significant bullish surge, indicating a strong upward momentum in the market. Presently, the price is hovering around the 1.10120 level, which coincides with the previous resistance area. At this juncture, we are observing the potential for a short-term downward correction, aiming to retest the previous support before resuming the overall uptrend rally with a fresh bullish impulse in the long run.
The recent bullish movement in the EUR/USD has propelled the price towards the area of 1.10120, where it encounters a historical resistance zone. This level has previously acted as a barrier for further upward movement, as market participants have shown selling interest in the past. Hence, it is not surprising to witness a temporary pullback or consolidation around this area as traders reassess the market dynamics.
The recent bullish movement in the EUR/USD has propelled the price towards the area of 1.10120, where it encounters a historical resistance zone. This level has previously acted as a barrier for further upward movement, as market participants have shown selling interest in the past. Hence, it is not surprising to witness a temporary pullback or consolidation around this area as traders reassess the market dynamics.
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