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The euro is trading around 1.1600, rebounding after hitting the bottom of the uptrend channel formed since March 13. The euro is currently around the 3/8 Murray level and below the 200 EMA, which is likely to act as a resistance zone and could prevent EUR/USD from further rise.
A decisive break above 1.1630 and a break above the 4/8 Murray level could enable the euro to continue rising toward 1.1840.
The euro is trading within a bearish trend channel formed since February 10 around 1.1670. A breakout is expected; if the price consolidates above this zone, it could be seen as a positive signal for the euro.
A drop below the 200 EMA or below the 4/8 Murray level could present a selling opportunity, as the euro is currently within the primary downtrend channel, and this zone acts as strong resistance.
Any pullback toward the 2/8 Murray line In the coming hours or toward the bottom of the secondary uptrend channel could be seen as a buy signal, with targets at 1.1620, 1.1650, and 1.1690.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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