EURUSD regains 1.0500 on the road to recovery
The EUR/USD reached a bottom at 1.0488, the lowest level since March, just slightly above the year-to-date low of 1.0483. The pair is currently hovering around 1.0500, exhibiting a bearish bias, following a modest rebound. On the daily chart, the Relative Strength Index (RSI) dipped below 30, indicating oversold conditions. After seven consecutive days of declines, some consolidation appears likely, although downside risks persist.
On the 4-hour chart, the pair rebounded after reaching the lower boundary of a downward channel, suggesting the possibility of a correction or consolidation. However, a decisive break below 1.0480 could trigger an acceleration towards the next support area at 1.0455. The immediate resistance is located at 1.0550.
On the 4-hour chart, the pair rebounded after reaching the lower boundary of a downward channel, suggesting the possibility of a correction or consolidation. However, a decisive break below 1.0480 could trigger an acceleration towards the next support area at 1.0455. The immediate resistance is located at 1.0550.
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