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EURUSD Channel Provides Support

  • Today’s gains in EURUSD highlight an extension of the recovery from last week’s lows.
  • The bear channel, drawn from the Feb 10 high, continues to identify key swing points in the current phase of the downtrend.
  • A continuation higher would suggest potential for a climb towards the top of the bear channel - at 1.0494 today.
  • 1.0494 is a key resistance. A bear channel breakout would signal a potential reversal.
  • Short-term gains within the channel are considered corrective - for now.
  • The primary trend is down.

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