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The EUR/USD pair opened with a bearish gap that reached the lower band of the uptrend channel, and since then, we have seen a technical rebound above 1.1735. Currently, the euro is trading below the 21 SMA after filling the gap, but it still has a positive bias, and we could expect consolidation above 1.1782 before a trend reversal occurs.
If the euro falls below 1.1820, we could expect a further bearish movement, and the trend channel could become vulnerable. A break below 1.1718 could reverse the euro's trend, and we could expect EUR/USD to reach the 3/8 Murray level around 1.1596 in the coming days.
As we mentioned last week, strong resistance at 1.1840 acts as a barrier for the euro. Since then, we saw a sharp drop on Friday last week. In the coming days, if a pullback occurs and the price reaches 1.1820 or 1.1840, this zone could be considered for opening short positions.
In the coming hours, we may use an opportunity to sell the euro if the price reaches the 5/8 Murray levels or falls below this zone, as there is strong downward pressure. The Eagle indicator is showing a negative signal, so we believe the euro will remain under downward pressure in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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