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EUR/USD Price Analysis: Keeps steady above 1.0700 amid shift to upward momentum

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EURUSD News

Technical Analysis,Majors

EUR/USD recovers its recent losses registered in the previous session, trading around 1.0720 during the Asian session on Monday.

EUR/USD holds its position above the psychological level of 1.0700 amid a momentum shift toward an upward trend. The immediate barrier appears around the major level of 1.0750, aligned with the upper boundary of the descending channel. A break below 1.0700 could lead the pair toward the support level of 1.0650 and April’s low of 1.0601.

0800, followed by April’s high at 1.0885. On the downside, key support for the EUR/USD pair is anticipated around the psychological threshold of 1.0700, coinciding with major support at 1.0695. A breach below this level could exert downward pressure on the pair, potentially driving it toward the vicinity of the major support level at 1.0650. Further support levels may emerge around April’s low at 1.0601, aligning with the lower boundary of the descending channel.

 

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