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The euro is trading around 1.1739, rebounding from the opening of this week's session after filling a gap and reaching resistance levels around 1.1750.
If the euro breaks out of the downtrend channel and consolidates above 1.1750 in the coming hours, this could be considered a bullish signal, and we could look for opportunities to buy on the pullback with a target at the 5/8 Murray level around 1.1840.
Given that EUR/USD is within a downtrend channel formed since April 16, it could resume its downtrend in the coming hours and reach the 4/8 Murray level around 1.1718. It could even reach the lower band of the downtrend channel around 1.1620 and ultimately reach the key support at the 3/8 Murray level.
The Eagle indicator has reached oversold levels, so we should exercise caution. If the euro consolidates above the 4/8 Murray level, a bullish sequence could be developing, and we could look for buying opportunities if the instrument consolidates above this zone.
A decisive break above the downtrend channel and a consolidation of EUR/USD above that channel could be a positive signal, so we could continue buying 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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