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EUR/USD remains in the range between 1.1400 and 1.1445 in the last three days. The pair is currently trading at 1.1432 consolidating above the 21 SMA and within the uptrend channel.
The pair is showing a slightly bullish bias above the support at 3/8 Murray and below the strong resistance at 4/8 (1.1476). Traders are anticipating inflation data to be released early in the US session.
The US Dollar Index (USDX) remains in a consolidation phase around 95.50, with support at 4/8 Murray at 95.31. If the dollar index breaks above the 200 EMA at 95.84, the euro could start an acceleration to the downside towards the support 2/8 Murray at 1.1352 and the 200 EMA at 1.1341.
The zone 4/8 Murray could again be a barrier for the euro as there is a pullback towards this level in the next few hours. If the euro fails to break and consolidate above 1.1474, it could be an opportunity to sell with targets at 1.1425 and 1.1352.
On the other hand, a sharp break below the 21 SMA around 1.1425 and below 3/8 Murray could be a clear signal to sell with targets towards the 1.1352 and 1.1340.
The eagle indicator is showing extreme overbought signals. A technical correction is likely in the next few hours only if it breaks below the 21 SMA around 1.1425.
Our trading plan is to sell below 3/8 Murray, targeting the 200 EMA. Or wait for a pullback to 4/8 Murray at 1.1473 to sell targeting 1.1352. The eagle indicator supports our bearish strategy.
Support and Resistance Levels for February 10 - 11, 2022
Resistance (3) 1.1489
Resistance (2) 1.1468
Resistance (1) 1.1444
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Support (1) 1.1378
Support (2) 1.1352
Support (3) 1.1291
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Scenario
Timeframe H4
Recommendation: sell below o if pullback
Entry Point 1.1413; 1,1476
Take Profit 1.1352
Stop Loss 1.1460
Murray Levels 1.1474 (4/8), 1.1413,(3/8), 1.1352 (2/8)
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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