The EURUSD pair surged higher in its recent intraday trading, as positive signals began to emerge from the relative strength indicators after reaching deeply oversold levels. This has allowed the pair to recover some of its previous losses while attempting to unwind these oversold conditions. However, the short-term main bearish trend remains dominant, with continued negative pressure stemming from trading below EMA50, reducing the chances of a full recovery in the near term.
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The pair maintained its stability below the resistance barrier at 1.9570, forcing it to form several bearish waves and settle near 1.9400, as appears in the attached chart.
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MoreThe pair has recently lacked positive momentum, its repeated stability above the additional support level at 176.15 supports the chances of renewed bullish corrective attempts, with the price holding near 177.00.
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