EURUSD: Going to the price channel limit !
Currently, EURUSD appears poised to break out from its previous downtrend channel. The price is testing a significant support and resistance area between 1.10586 and 1.10743. Given the breakout from the downtrend channel and the 34 EMA crossing above the 89 EMA, we can anticipate a continuation of the upward trend.
Key factors supporting the bullish trend include:
The price has surpassed the previous resistance area around 1.10586.
Both the 34 EMA and 89 EMA are indicating an upward trend.
Recent news suggests a weakening USD, which further supports the upward momentum of EURUSD.
Forecast: In the short term, if the price remains above the support zone and breaks through the resistance, there is a strong potential for the trend to continue upwards.
source https://www.tradingview.com/chart/EURUSD/vWVuGTtt-EURUSD-Going-to-the-price-channel-limit/
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