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Early in the American session, the euro is trading around 1.0816 under strong bearish pressure, below 1.0840 (21 SMA), and within the bearish trend channel forming since September 30.
The Euro is facing a key zone that coincides with 1/8 Murray. This is why we believe that this level could offer a technical rebound since we've found a double bottom pattern. Therefore, we will look for opportunities to buy in case EUR/USD consolidates above 1.0800.
If the bearish force prevails, EUR/USD is expected to continue its decline and could reach 0/8 Murray around 1.0742. This level could be a decisive point for the euro since we could expect a strong technical rebound to occur in this area.
If the euro consolidates above 1.0840 (21 SMA) in the coming days, it could mean a change in trend. Thus, we will look for opportunities to buy above 1.0841 with targets at 1.0925 and at the 200 EMA around 1.0981.
We need to be careful as if the euro falls below 1.0800, our outlook for a technical bounce would be invalidated and we could expect the euro to extend its weakness.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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