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EUR/USD is trading around 1.1907 within the uptrend channel formed since February 6 after reaching the 200 EMA. The euro is showing signs of exhaustion. As we pointed out yesterday, it is approaching the 61.8% Fibonacci retracement around 1.1962.
If the euro reaches the strong 6/8 Murray resistance located at 1.1962, it could be seen as a good point to resume short positions, with targets around the 4/8 Murray located at 1.1718.
Another scenario could be that if the euro consolidates above 1.1970 above 6/8 Murray, we could expect a continuation of the upward movement, and EUR/USD could reach the psychological level of 1.20.
If EUR/USD exceeds 1.20, it could reach the 7/8 Murray around 1.2085 and finally the upper band of the uptrend channel formed since early January around 1.2190.
The Eagle indicator is showing a negative signal, so we could expect a strong resistance zone below the 6/8 Murray to sell the euro with targets at the 5/8 Murray and finally, at the 4/8 Murray.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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