EURUSD: increasing rapidly

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.
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