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FxWirePro: Copper rangebound around 110-EMA, outlook bullish

Copper chart - Trading View 

Copper was trading rangebound on the day at 2.453 at around 10:50 GMT.

Price action hovers around 110-EMA as the pair consolidates previous session's gains.

GMMA indicator shows near-term moving averages have edged above long-term moving averages.

Momentum studies are bullish and volatility is high. ADX and MACD also support gains.

Decisive break above 110-EMA could buoy price. Next bull target aligns at 61.8% Fib at 2.535.

On the flipside, rejection at 110-EMA could see dip till 55-EMA. Break below 21-EMA negates bullish bias.

Support levels - 2.413 (5-DMA), 2.377 (55-EMA), 2.369 (21-EMA)

Resistance levels - 2.450 (110-EMA), 2.535 (61.8% Fib), 2.561 (200-DMA)
 

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