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EUR/USD bounces from key support to look relatively bullish
EUR/USD has managed to pull itself back from the brink, bouncing higher off the $1.0819 support level. This level had major significance as a daily close below it would signify the completion of a double top formation, thus leading to a projected target of $1.017. However, the move higher yesterday has seen a move above the key $1.0907 level, therefore pointing towards a possible recovery of sorts.
The 50-period simple moving average is clearly providing resistance for now and I am expecting to see the $1.0907 level form new support. Should that occur, it could provide the base for another leg higher. If price moves below that level, it could easily point towards a move back to $1.0819.
Personally, I think it looks likely that we will find support in the near-term and gain further ground. With that in mind, I am bullish for another leg higher as long as price remains above $1.0907.