EURUSD: Bounces Higher Off Support

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EURUSD: Bounces Higher Off Support.

EURUSD: The pair has returned above its broken support at 1.3403 level suggesting further upside gain could develop. If this occurs, expect EUR to strengthen further towards the 1.3577 level where a violation will aim at the 1.3710 level and trigger its medium term upside. This should force further upside towards the 1.3800 level with cut through here calling for a run at the 1.3850 level. On the downside, support is seen at the 1.3352/35 levels where a violation will call for a run at 1.3300 level. We expect this level to reverse roles as support and turn the pair higher again. But if this fails to occur, further weakness could develop towards the 1.3250 level. All all, EUR continues to retain its broader medium term upside bias though facing bear threats.