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Will EUR/USD bounce last?
Friday saw the EUR/USD pair sell-off heavily owing to a pretty impressive US GDP release. Unfortunately this negated an interesting bullish reversal in the offing. Nevertheless, with price now having broken through both the $1.0986 and $1.0967 support levels, the bulls are at bay once more. This morning has seen a small intraday double-bottom pattern, with a break of the neckline leading to a move up to the initial $1.0957.
Ultimately, the ability to see further gains will be established by finding a new base above Friday’s lows of $1.0911. However, coming off the back of such a strong sell-off, there is a good chance we could see another leg lower, which would be signaled by a closed candle below $1.0911.
Key support levels are $1.0911 and $1.0808. Key resistance levels are $1.0957, $1.0986 and $1.1016. Be aware that the eurozone CPI reading this morning could have a profound effect upon this pair.