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The euro is trading around 1.0635 under strong bearish pressure and showing signs of exhaustion. We expect the EUR/USD pair to reach -2/8 Murray located at 1.0620, a level which coincides with the bottom of the downtrend channel and which is seen as good support.
The bears aim to pressure the euro up to 1.0500. We expect that the pair will find strong support around 1.0620 in the next few hours, which could provide an opportunity for a technical rebound. hence, EUR/USD could reach -1/8 Murray located at 1.0681 and the top of the downtrend channel around 1.0742.
After the euro broke the symmetrical triangle in light of the US inflation data, EUR/USD fell below the channel and was trapped, as it could not rebound. So, we observed a continuation of the bearish movement.
The eagle indicator is giving a negative signal. It is expected that there will be a consolidation in the coming days. On the other hand, in case there is a break below 1.0620 and consolidation on the H4 chart, we could expect EUR/USD to sank to the psychological level of 1.05.
Technically, we expect there to be a bounce in the next few hours, so we will look for opportunities to buy above 1.0620. A break above 1.0742 could change the trend of the euro and the price could return to 2/8 Murray at 1.0864.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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