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The euro is trading around 1.1404 within an uptrend channel that has been forming since June 24 and above the 21 SMA with a bullish bias, but it may be reaching exhaustion levels.
The euro found strong support around the 5/8 Murray level; this zone provided strong momentum to reach 1.1435. This zone is acting as strong resistance, so EUR/USD is likely to pull back to the 1.1352 level in the coming days.
Given that the Eagle indicator is showing a positive signal, we can buy the euro at current price levels above 1.14, with a target at 1.1474.
On the other hand, a break above 1.1430 could be a positive signal to continue buying, with targets at the 6/8 Murray level and ultimately at the 200 EMA around 1.1526.
Conversely, if the euro breaks below 1.1400, it will be seen as a negative signal to sell, with targets at 1.1352. If bearish momentum prevails, we could continue selling with targets at the 4/8 Murray level around 1.1230.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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