0452 GMT - Euro's recent advance against the dollar points to an increasing risk of a rebound, based on the daily chart, says Quek Ser Leang of UOB's Global Economics & Markets Research in a research report. The currency pair jumped and breached its declining trendline resistance two sessions ago, the markets strategist notes. This strong rise from oversold conditions reduces the likelihood of a fall to 1.000, and instead, implies rising risk of a recovery, the strategist says. If the currency pair breaks and stays above the 55-day exponential moving average, now at 1.0480, this would signal the 1.0176 low might become a more significant bottom than presently expected, the strategist adds. EUR/USD is down 0.1% at 1.0420. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 23:52 ET (04:52 GMT)
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