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The euro is trading around 1.1572 within the uptrend channel that has been forming since July 24, and a technical bounce could be expected in this area, after which EUR/USD could resume its uptrend.
The euro encountered strong resistance around 1.1626 but failed to consolidate above the 7/8 Murray level. Now, EUR/USD may be showing signs of exhaustion in its upward momentum. We should watch to see if the instrument holds above 1.1560 to resume its uptrend so that we could open buy positions.
A decisive break below the uptrend channel and a consolidation below 1.1550 could change the outlook for the euro. We could expect EUR/USD to reach the psychological level of 1.15—around the 200-period exponential moving average (EMA)—in the coming days, and ultimately find strong support around the 6/8 Murray level at 1.1474.
Technically, we believe the euro could continue to fall, and we must remain vigilant, as a potential breakout from the uptrend channel could occur, given that the Eagle indicator is showing a negative signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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