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EUR/USD: Technicals are pointing to the upside

EUR/USD has bounced off the critical support line at 1.0870 discussed on Monday and Tuesday’s four-hour chart is showing bulls are in the lead, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“EUR/USD has bounced off the critical support line at 1.0870 discussed on Monday and has also recaptured the 50 Simple Moving Average on the four-hour chart, a bullish sign. While momentum is still to the downside, the success in rising above the uptrend support line provides a tailwind for the common currency.” 

“Some resistance awaits at the daily high of 1.0940, which was also a swing high on in early May. It is followed by 1.0870, a swing high from last week.”

“Support is at 1.0895, a swing high from mid-May, followed by 1.0870 and then by 1.0820.”

 

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