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The euro is trading around 1.1545, above the 21 SMA, and above the 5/8 Murray level. EUR/USD is likely to continue rising in the coming days until it reaches the 6/8 Murray level around 1.16.
The H1 chart shows that the euro has been bouncing above 1.1525, so we believe there could be consolidation above this area in the coming days, and we should wait for the price to remain above the 5/8 Murray line before opening long positions.
In the event of a technical correction toward 1.1535 or 1.1530, we could expect a technical bounce in this area, which could be seen as a buy signal.
The Eagle indicator on the H1 charts is showing a positive signal, so we will look for buying opportunities in the coming days.
If the euro reaches the strong resistance level of 1.1570, which coincides with the lower band of the downtrend channel, we could expect a technical correction to occur in this zone, and the euro could resume its downtrend.
On the other hand, if the euro continues to rise and breaks above 1.1570, we could expect another strong resistance level around the 200 EMA, located at 1.1595, and finally, we could expect strong resistance around the 6/8 Murray level.
Our outlook for the euro remains bullish for the coming days, so we will look for opportunities to buy above the psychological level of 1.15.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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