EURUSD: The downtrend line has not been broken yet

Recent Summary:
EUR/USD showed resilience on Thursday but soon encountered strong resistance at the descending trendline, leading to a fresh downward correction. The important support level at 1,076 is currently a solid fulcrum for this currency's recovery hopes.

Market Assessment:
The support level at 1,076 is showing significant resistance, laying the groundwork for EUR/USD's potential upside, as long as this level is not broken. The important event at the end of the day, related to USD, may be a turning point, affecting the current dynamics of this currency pair.

Recovery Potential:
If the end-of-day news tilts in USD's favor, EUR/USD may have to look for upside opportunities from alternative factors. However, if USD fails to receive support from the news, EUR/USD has a solid chance to recover and even rally from current support levels.

Conclude:
With an important event coming up and strong support at 1,076, EUR/USD is in a state of balance between recovery and downside risks.

Transaction en cours

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