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EUR/USD rebounds to test 1.1518-1.1529 swing area on US data softness
EUR/USD has rebounded from session lows to retest the critical 1.1518-1.1529 swing area, supported by softer US economic data that triggered short covering. The pair's recovery comes despite US 10-year yields rising 1.3 basis points to 4.113%, suggesting mixed market dynamics. While specific economic data details weren't provided, the market's interpretation points to weaker-than-expected US indicators that reduced dollar strength. US equity markets remain off their highs but have recovered from session lows, indicating cautious risk sentiment. The 1.1518-1.1529 zone represents a key technical battleground where previous support has turned into resistance. A decisive break above this area could signal further upside potential toward 1.1550-1.1600, while failure to clear this hurdle may result in renewed selling pressure. Traders should monitor upcoming US data releases and any shifts in Federal Reserve rate expectations for directional cues.
EURUSD
Sentiment:
Neutral
Source: Finnhub