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The euro is trading around 1.1368, consolidating after a sharp downtrend that began on September 7. Technically, the euro is in a strong support zone, and we could expect the currency pair to rebound in the coming hours.
If the euro rebounds above 1.1368 in the coming hours, this will be considered a buy signal with targets at the 21 SMA around 1.1407, and we ultimately expect it to reach the 3/8 Murray level around 1.1413.
If downward pressure persists, we could expect the euro to consolidate around 1.1352; this zone represents strong weekly support, which is also considered a good point for a technical rebound. We should monitor this zone, waiting for the price to show signs of a recovery before opening long positions with a target at the upper band of the downtrend channel.
Our outlook for the euro could be bullish provided the price consolidates above 1.1350. A decisive break above the downtrend channel and consolidation above 1.1413 could be seen as a clear signal to continue buying in the coming days, with targets at the 4/8 Murray level around 1.1474; ultimately, we expect EUR/USD to reach the 61.8% retracement level near the 200 EMA at 1.1532.
The Eagle indicator is showing a positive signal, so we will try to buy the euro in the coming hours with a stop-loss below 2/8 of Murray.
*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।
