EUR/USD: Awaiting Breakout or Correction?
The EUR/USD chart paints a dramatic picture as the price hovers around $1.10220, facing a key resistance level at $1.12086.
This is a major hurdle for the buyers, and if they can break through, the price may see a strong rally, continuing the upward trend. However, failure to break above could lead to a correction, pushing the price back towards the crucial support levels at $1.09837 and $1.09673.
Notably, the EMA 34 and EMA 89 lines are providing strong support, reinforcing buyer confidence.
However, hot economic news from the U.S. will be the decisive factor, driving major volatility for the EUR/USD pair in the near future.
This is a major hurdle for the buyers, and if they can break through, the price may see a strong rally, continuing the upward trend. However, failure to break above could lead to a correction, pushing the price back towards the crucial support levels at $1.09837 and $1.09673.
Notably, the EMA 34 and EMA 89 lines are providing strong support, reinforcing buyer confidence.
However, hot economic news from the U.S. will be the decisive factor, driving major volatility for the EUR/USD pair in the near future.
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