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EUR/USD Bounces Off Support

The EUR/USD currency pair bounced off a support level formed by the lower boundary of a descending channel pattern at 1.1765 on Monday. As a result, the common European currency surged by 55 pips or 0.46% against the US Dollar during Monday’s trading session.

As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of the channel pattern could occur within this session.

However, if the descending channel pattern holds, bears could drive the currency exchange rate lower today.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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