Analyst
The euro lost some ground yesterday against the US dollar after 1.1050 support was broken. The price of the EURUSD dropped all the way to 1.1017, where it found a good support area. From here it bounced back and rallied to 1.1080 where it stopped again. For the moment the price is trading sideways between 1.11 and 1.1017.
Currently EURUSD is trading around 1.1040, where it is found the trend line of the main up trend. If it will manage to break this line and close on a 60 minute chart below it, then we will be expecting a drop back to the support of the range. A bounce off the trend line, followed by a break above 1.1060, local resistance, could signal another rally for the Euro.
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