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EUR/USD Trading in Near-Term Corrective Mode Off Last Week’s Low

EUR/USD Trading in Near-Term Corrective Mode Off Last Week’s Low

EUR/USDThe EUR/USD trades in a near-term corrective mode off of last week’s fresh low at 1.3100 where the pair found temporary support. A strong rally from 1.3100, with weekly close above 200DMA, remains capped under 1.3200 barrier for now where the price consolidates. A positive hourly structure, with price action being underpinned by 20/55DMA’s bullish crossover, sees the upside favored. A break above 1.32 to open next layers of significant resistances at 1.3220 zone, with a Fibonacci at 38.2% of 1.3397, 1.3103, 55 DMA, and 1.3250. Also, with 50% retracement, 30/08 lower platform, a break of which to confirm recovery. Indicators on the 4-hour chart are in the negative zone, and that keeps the downside at risk. However, bullish MACD and the RSI pergence are seen as supportive factor. Immediate support lies at 1.3160, while violation of 1.3100, would bring bears in play and signal resumption of larger downtrend from 1.3450 peak. Resistance: 1.3189; 1.3200; 1.3220; 1.3250 Support: 1.3160; 1.3136; 1.3100; 1.3080

EURUSD

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