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The euro is trading around 1.1792 within the downtrend channel formed since early February and retreating after encountering strong resistance around the 5/8 Murray, a level that coincided with the upper band of the downtrend channel.
If the euro consolidates below the 21 SMA and below the 200 EMA in the coming hours, we can expect it to continue falling until it reaches the 4/8 Murray around 1.1718. We predict even a sharp break below this channel and consolidation below the 4/8 Murray in the medium term, so EUR/USD could reach the psychological level of 1.1500.
On the contrary, if the euro consolidates above 1.1840 in the coming hours, it could mean a change in the trend, and we could expect EUR/USD to reach the 6/8 Murray around 1.1962 and even reach the psychological level of 1.2000.
Given that the outlook remains bearish for the euro, any technical rebound is likely. As long as the instrument trades below 1.1840, it will be seen as a signal to continue selling with targets at 1.1718 and 1.1620.
The Eagle indicator is showing a negative signal, so we expect the euro to be under bearish pressure in the coming days.
*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।
