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The euro is trading around 1.1420, above the 21 SMA, and rebounding after finding strong support around 1.1415.
Technically, the EUR/USD pair could resume its uptrend, and we could expect it to reach the 6/8 Murray level around 1.1475 and eventually reach the 200 EMA around 1.1510.
On the other hand, if in the coming hours the euro consolidates below 1.1435—where resistance has been seen in previous sessions—we could expect it to continue falling below this zone and potentially reach the lower band of the uptrend channel around 1.1392.
A decisive break below the uptrend channel and consolidation below it could lead the euro to reach the strong 5/8 Murray support level around 1.1352.
The Eagle indicator has reached overbought levels, and technically, we could expect the euro to consolidate over the next few days within the range of 1.1440 to 1.1390.
A pullback toward 1.1474 could be viewed as an opportunity to open short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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