During today's session we can observe declines of the main currency pair. Yields on 10-year bonds have been rising for a long time, today they jumped to 1.41%, thus being the highest in a year. The rise in yields can be explained by further concerns about US inflation. From a technical point of view, EURUSD bounced off the key resistance zone at 1.2180. If the downward move continues, the nearest support lies at 1.2090 level. Only breaking above the aforementioned zone at 1.2180 would invalidate the bearish scenario. In this case, according to the classical technical analysis, a bullish signal will be generated - break above the neckline of reverse head and shoulder pattern.
EURUSD interval H4. Source: xStation5
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