Today, the EURUSD currency pair is showing a good recovery momentum.
This recovery is supported by the weaker US dollar. The 4-hour chart continues to indicate some short-term consolidation as the pair successfully breaks through the resistance level at 1.096, with a reversal signal from the 34 EMA line.
It is expected that after a retracement and testing the breakout level, EURUSD will utilize this newly established support level to reach its price target of 1.099 and potentially even 1.106.
This recovery is supported by the weaker US dollar. The 4-hour chart continues to indicate some short-term consolidation as the pair successfully breaks through the resistance level at 1.096, with a reversal signal from the 34 EMA line.
It is expected that after a retracement and testing the breakout level, EURUSD will utilize this newly established support level to reach its price target of 1.099 and potentially even 1.106.
