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EUR/USD is trading around 1.1362, rebounding after hitting a low of around 1.1323. This level is key and could provide an opportunity for the euro to continue rising in the coming days.
On the H4 chart, we see that the euro has reached the upper band of the downtrend channel formed since June 16. We can expect consolidation above the 5/8 Murray line, which should give EUR/USD enough strength to break through this zone and, in turn, break through the 21SMA located at 1.1385.
In the coming hours, if EUR/USD consolidates above 1.1385, the outlook could be positive, and we could expect a recovery to reach the 200 EMA around 1.1558.
Our outlook remains positive for the euro as long as the price consolidates above 1.1350, where the 5/8 Murray level is located, which could act as strong support for the euro.
The Eagle indicator has reached oversold levels, so the euro is expected to rebound above its current level in the coming hours. As long as the euro remains above the 5/8 Murray, this would signal a positive trend, encouraging further buying in the coming hours and 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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