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Early in the American session, the EUR/USD pair is trading around 1.0807, below the 21-month SMA, and below the +1/8 Murray level, showing signs of exhaustion.
On the H4 chart, we can see that the euro is trading within the bearish trend channel formed on March 12th and is likely to continue falling in the coming hours if EUR/USD consolidates below 1.0815.
If the euro breaks and consolidates above the bearish trend channel, we could expect it to reach +1/8 Murray level at 1.0864 in the coming days. EUR/USD could even reach +2/8 Murray level located at 1.0986.
On the other hand, with a rejection below 1.0815, the instrument could resume its bearish cycle, and we could expect the euro to reach the 8/8 Murray at 1.0742, the 200 EMA around 1.0719, and finally reach the bottom of the downtrend channel around 1.0670.
According to the chart, the euro is reaching oversold levels. Hence, a resumption of the bullish cycle is expected. However, there is strong pressure below 1.0830, so we believe that if the euro recovers, we should expect a recovery above 1.0864. Then, EUR/USD could climb to the psychological level of 1.10.
Our trading plan for the coming hours is to sell the euro below 1.0815 with a target at 1.0670.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
