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Early in the American session, the euro is trading around 1.0940, showing a slight recovery after reaching the low of 1.0900. EUR/USD will likely continue rising in the coming hours to reach the resistance of the 6/8 Murray at 1.0986.
The euro is struggling to consolidate above the psychological level of 1.1000. However, technically, the price is located within a downtrend channel, and this could prove challenging, as EUR/USD is expected to continue falling in the coming days, reaching the 200 EMA at 1.0772.
If the euro breaks the downtrend channel, we could expect a new upward movement that could push EUR/USD up to 1.1051, last week's high, the 7/8 Murray at 1.1115, and even surpass its highest level since early April.
The Eagle indicator is showing a negative signal. So, in case EUR/USD fails to break the 6/8 Murray level, it will be seen as a signal to continue selling with targets at the 5/8 Murray level located at 1.0864 and finally around the 200 EMA located at 1.0770.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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