EURUSD maintains its position, yet full recovery awaits confirmation

The Euro exhibits a positive trend, edging up early Thursday following Wednesday’s 0.5% rebound from a recent multi-month low. However, further evidence is required to confirm the initial reversal signal, especially considering the predominantly bearish daily studies.

To sustain hopes of a more robust recovery, another strong bullish daily close is necessary. This would entail closing above pivotal levels at 1.0710/25 (Fibonacci 38.2% of 1.0885/1.0601 and the declining 10-day moving average) to validate the signal.

Conversely, failure to achieve a clear upward breakthrough would indicate an initial sign of recovery stalling, leaving the downside vulnerable to a fresh decline towards the crucial 1.0600 support zone.

Res: 1.0690; 1.0710; 1.0725; 1.0743

Sup: 1.0663; 1.0645; 1.0602; 1.0516