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EUR/USD is trading around 1.1582 within the downtrend channel formed since October 11 and below the 21 SMA and 200 EMA, moving within a very narrow price range without a clear direction.
If the euro falls below 1.1570 in the coming hours, we could expect it to continue its downward cycle and reach 1.1525, or even 6/8 Murray around 1.1474.
On the contrary, if the euro consolidates above 1.1606, we could expect it to reach the top of the downtrend channel around 1.1640. A break above this area could cause the euro to continue its bullish cycle, and EUR/USD could reach 1.1718, and finally, we expect it to cover the gap it left around 1.1741.
The Eagle indicator is giving a bearish signal, so if the price continues to consolidate below 1.1600, we could expect a fall in EUR/USD, which could reach the bottom of the downtrend channel around 1.1420 in the short term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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