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EUR/USD Analysis: Potential Continuation of the Bullish Trend

Long
Euro / U.S. Dollar (FX:EURUSD)  
Sgt_jerxxl  
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis EURUSD Bullish Patterns DJ FXCM Index euro eurodollar
1
0
trendanalysis eurusd bullish usdollar euro eurodollar
Since November 2022, the Euro has exhibited an upward trend against the US Dollar, thus prompting the consideration of purchasing opportunities. Following a decline to the 1.06 price level, which corresponds to a trendline and 0.764 Fibonacci level, demand on the price level has been observed with the formation of a bullish hammer pattern. Furthermore, an underlying bullish divergence in the daily timeframe's Relative Strength Index suggests a potential conclusion to the bearish retracement within the broader bullish trend.
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