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Early in the American session, the EUR/USD pair is trading around 1.0660, within an uptrend channel forming since April 14, above the 2/8 Murray, and above the 21 SMA. This gives us the idea of a bullish advance in the coming days.
During the European session, the euro reached the top of the uptrend channel. Since then, it has been making a technical correction and could bounce around 1.0641.
In case EUR/USD continues to fall, it could find support at about 2/8 Murray or at the bottom of the uptrend channel that coincides with the same level of 1.0620.
The eagle indicator is giving a positive signal. hence, any technical bounce will be seen as a buying opportunity only if the Euro trades above 1.0640 - 1.0620.
On the contrary, a break of this uptrend channel and a consolidation below 1.0600 could change the outlook for the euro and EUR/USD could fall towards the psychological level of 1.0500.
We believe that the euro could continue to rise in the next few hours. So, we should expect there to be a consolidation above 1.0640 or around this area, to buy with targets at 1.0700, 1.0742, and finally at the 200 EMA located at 1.0785.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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