Euro rebounds after hitting support

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The EURUSD currency pair extended declines to the lower end of the range at 1.0787.

But after slipping to this level, the common currency prompted a quick rebound.

As a result, we could expect prices to recover off the lower support level.

The sideways range will, however, remain in place. Thus, gains will be capped near the upper resistance level of 1.0905 level.

Only a breakout above this level could confirm further gains.

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