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Early in the American session, the euro is trading around 1.0796, above the 21 SMA, and below the downtrend channel forming on the H1 chart since October 10th.
The latest trading shows strong bearish pressure. However, after having reached a low of 1.0760, the euro is showing a recovery.
If a sharp break above the downtrend channel occurs in the next few hours, this could be seen as an opportunity to buy with the target at 4/8 Murray located at 1.0986.
If the euro falls below the 21 located at 1.0887, it could reach 0/8Murray located at 1.0742, a key level and an important support since the euro would experience a technical rebound in this area.
According to the H1 chart, we can see that the euro is forming a small bullish trend channel. If EUR/USD bounces above the bottom of the trend channel around 1.0780, this move could give an opportunity for a further rise. So, we could expect a sharp break of the downward trend channel, which would confirm the euro's recovery.
US PMIs will be published in the next few hours, which could favor the upward movement of the euro. In turn, we could look for opportunities to buy as long as the price consolidates above 1.0800.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
