Technical Analysis: EUR/USD holds key support of 1.0700
EUR/USD drops to near 1.0720 after failing to hold above the 20-day Exponential Moving Average (EMA), which trades around 1.0740. The major currency pair rebounded last week after discovering strong buying interest near the upward-sloping border of the Symmetrical Triangle formation on a daily timeframe near 1.0666, which is marked from 3 October 2023 low at 1.0448. The downward-sloping border of the above-mentioned chart pattern is plotted from 18 July 2023 high at 1.1276. The Symmetrical Triangle formation exhibits a sharp volatility contraction, which indicates low volume and narrow ticks.
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