Forex Trading Library

Euro rebounds off support, as expected

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The euro currency’s gradual declines pushed the currency down to the support area of 1.0787 into Friday’s close.

As widely expected, price quickly bounced off this support level to close on a bullish session in the final hours on Friday last week.

The Stochastics oscillator remains well in the oversold level. This could signal a turnaround in the near term.

EURUSD will likely remain caught within the range of 1.1030 and the current support of 1.0787 for the near term.

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