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Early in the American session, the EUR/USD pair was trading around 1.0722, retreating after having encountered strong resistance around the 200 EMA. Having failed to consolidate above 1.0760, the euro is falling and in parallel, is also covering the gap it left at the opening of negotiations this week
In the next few hours, the euro could cover this GAP left around 1.07. The 21 SMA is also located around 1.0708 in this area. This area could be a good point for a technical rebound which we could use for buying opportunities in case the euro consolidates above 1.0700.
In case the euro falls below 1.0708, we could expect a further bearish movement, but the euro has strong support around 1.0681 and 1.0665. This area could prevent the euro from a lower fall. We should be careful with the area around 1.0670 because a break below this area could accelerate the bearish movement and EUR/USD could fall to the psychological level of 1.0500.
In the next few hours, we could buy the euro only if the pair shows signs of consolidation above 1.0708. We could go long with targets at 1.0742 and 1.0761. We must be cautious as the eagle indicator is producing an overbought signal and it is likely that the euro could continue its fall in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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