The pair is fighting to overcome the horizontal resistance of 1.0020, where the 100-SMA of the 4-hour chart is located.
The technical indicators have only begun to show a positive development on the hourly chart, supporting a possible bullish outbreak.
However, the bulls are likely to wait for a sustained eruption of the aforementioned barrier before positioning themselves to expand the rebound from the multi-week low.
With a dynamic above that level, the movement can be expanded to the 1.0050 resistance and the psychological mark of 1.0100.
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