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The euro is trading around 1.1687, above the 200-day EMA, and showing consolidation around this level. Although downward pressure is evident, we could expect the euro to remain within this range over the next few days.
If the euro recovers above the 200 EMA in the coming hours, this could be seen as a positive signal to buy, with a target at the 21 SMA around 1.1715, or EUR/USD could even continue rising to reach the upper band of the uptrend channel around 1.1745.
A drop below the 200 EMA could change the euro's outlook, and we could expect it to reach the lower band of the uptrend channel around 1.1624. If downward pressure persists, EUR/USD could even fall further toward the psychological level of 1.15.
The Eagle indicator is showing a positive signal, so this may be considered a positive buy signal in the coming days; therefore, we will look for opportunities to open long positions above 1.1680, with a target at 1.1770.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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