Forex Trading Library

Is the Euro Setting Up for a Rebound?

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The euro managed to recover slightly into Friday’s close, but is still down over 7% from the 9th of March close of 1.1470.

Price action on the 4-hour chart shows a double bottom pattern in place. This suggests a possible upside breakout.

The bullish divergence also builds up to the upside bias.

A breakout above 1.0788, could see a move to 1.0907 area. Watch for a higher low to validate this bias.

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