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EURUSD – 3 Sep 2024

EURUSD 3 Sep 2024

On the weekly timeframe, EURUSD is still stuck in the range between R1 and R2 for the past few months. Although the pair is above the kumo cloud, there has been no significant price movement. After experiencing bullish trends in the last two weeks, EURUSD experienced a trend reversal and is now trying to initiate bullishness again. However, saturation is seen on the stochastic indicator, where the pair has reached the 80 level due to being overbought in the previous sessions, which could signal a potential trend reversal or at least a slowdown in bullish momentum. Traders need to be cautious and consider other indicators before making trading decisions.

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