EURUSD rally hits target, likely to pullback

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The euro currency maintained its bullish stance as price action rose to a four-week high into Friday’s close.

EURUSD tested the 1.0978 level. This marked the upside target of the inverse head and shoulders pattern.

In the short term, prices may pull back. This will see the common currency likely to give back some of the gains.

The lower support level near 1.0879 could be retested. As long as this level holds, EURUSD could be looking bullish in the near term.

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