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Early in the American session, the euro is trading around 1.0551, above the 21 SMA, and above the 2/8 Murray which represents an important support.
Yesterday during the American session, the euro continued its rise reaching the 1.0587 area. However, now we are observing a technical correction. EUR/USD is likely to reach the psychological level of 1.05 if the bearish pressure prevails.
On the contrary, with this technical correction, EUR/USD could resume the bullish cycle, giving traders an opportunity to buy at the current levels.
In case the euro makes a technical correction in the next few hours, we should expect EUR/USD to consolidate around 1.05, a key level that could offer a good technical bounce and will be seen as an opportunity to buy.
The eagle indicator is approaching overbought levels. Therefore, in case the euro reaches 3/8 Murray at 1.0620 in the next few days, it will be seen as a signal to sell.
The key point to watch is 2/8 Murray. Below this area, the euro could fall to cover the gap it left at the beginning of the week around 1.0418. The instrument could even reach 1/8 Murray around 1.0376.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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