The Potential for EUR/USD Price Appreciation
EUR/USD continues to decline sharply, trading near the 1.0610 USD level during the Asian session on Tuesday. This downward trend is attributed to the strength of the USD, driven by strong signals of economic growth in the United States.
On the 1-hour chart, we can observe that the price is gradually rebounding after a period of steep decline. It is forecasted that the price will test the Simple Moving Average (SMA) 20. If the price continues to test above SMA 20 and then advances towards the resistance levels around SMA 50 and subsequently SMA 100, the strong recovery of the price could be the result of market reassessment of the economic and political situations of the involved countries.
On the 1-hour chart, we can observe that the price is gradually rebounding after a period of steep decline. It is forecasted that the price will test the Simple Moving Average (SMA) 20. If the price continues to test above SMA 20 and then advances towards the resistance levels around SMA 50 and subsequently SMA 100, the strong recovery of the price could be the result of market reassessment of the economic and political situations of the involved countries.
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