The EUR/USD has recently made an important trend reversal and bounced from critical long-term support at 1.0570. If the pattern repeats itself relative to the latest two price actions which were big upward moves, then we should start seeing some important resistance levels broken and a new move towards 1.10 at least could start.
Blue line- bullish scenario projection
Will EURUSD bounce again off the red trend line support? Price is also bouncing off cloud support, so we have confirmation that the 1.06-1.0570 area is an important support area. If the pattern repeats itself, we will see a gradual rise towards 1.10. I favor this scenario as long as we trade above the long-term support trend line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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