EURUSD recovers but remains within range

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The euro currency is posting modest gains, albeit price action remains firmly entrenched within the corridor of 1.0905 and 1.078 price levels.

The rebound comes as price action is lifted by some bullish momentum. This is following the previous declines to the support area.

A minor resistance level is forming at 1.0868 level as a potential inverse head and shoulders pattern could emerge.

Price needs to form a higher low to confirm the right shoulder formation. A breakout from this pattern could put the minimum upside to 1.0981.

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