Bulls have their sights set on testing significant resistance after originating from crucial support at the EURUSD exchange rate of 1.09765.
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- EUR/USD bulls eye a move to test key resistance from key support.
EUR/USD was offered as the US Dollar index, DXY, recovered from early losses and ended the New York session higher by some 0.7% at 101.77 after claiming between a low of 100.551 and 101.840 which was a 2-week high.
Meanwhile, stronger-than-expected US economic data supported a hawkish Federal Reserve thesis for the remainder of the year and further out. The second quarter Gross Domestic Product, Weekly Jobless Claims, and June’s Pending Home Sales sent the US Treasury note yields higher, supporting the Greenback. EUR/USD also dropped to a 2-week low on dovish comments from ECB President Lagarde.
EUR/USD is at a critical structure point as per the trendline support that meets prior highs from back in late June. However, the momentum is strong and there are possibilities of a continuation:
Such a move would be in line with creating an M-formation, a reversion pattern that would likely see a correction back towards the neckline and origin of the last bearish impulse.
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