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EURUSD rebounds after a failed break below 1.1471 to 1.1482

The pair bounced from a session low of 1.1456 and recaptured levels above 1.1500, putting it back in view of the 38.2% retracement at 1.1524.

Reported · Written up by our desk · Major Pairs

EURUSD swung sharply lower before rebounding during the North American session, after the initial selloff pushed the pair back below the 1.1471 to 1.1482 swing area.

After breaking that zone, the move accelerated to a session low of 1.1456, but buyers stepped in to drive the price back above 1.1471 to 1.1482, turning the bearish breakout into a failed break.

Forexlive said the recovery has improved the bullish tone, with the pair also moving back above 1.1500, while it remains below the 38.2% retracement of the April high to June low at 1.1524.

The outlet added that a sustained move above 1.1524, followed by a break of yesterday's high at 1.15356, would strengthen the bullish case, while sellers defending the 38.2% level could send EURUSD back into its 1.1471 to 1.1482 battleground.

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