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Forex

EUR/USD Seeks Breakthrough at Key Resistance

Guavy AI Editorial Team
Instruments
EUR
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The EUR/USD rebounded sharply after reaching a low of 1.1453 last Friday, according to UOB's Quek Ser Leang. The price bounced back to close unchanged at 1.1527. To continue its upward momentum, the EUR must hold above 1.1495.

The significant resistance level for the EUR/USD is around 1.1565, where it faces a strong test. If the price breaks through this level, it could rise towards 1.1600. However, if it falls below 1.1455, the bullish scenario would be undermined.

Last week, the EUR soared by 1.41% to end at 1.1527 after dropping to a low of 1.1353 early in the week. Despite its rapid rise, there is still potential for it to test the resistance level at 1.1565 and possibly reach 1.1600.

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