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Early in the American session, the euro was trading around 1.0542 within the bullish trend channel forming since November 22nd, above the 21 SMA, and with a slight recovery.
Yesterday, the euro fell below the psychological level of 1.05 but quickly regained its footing. Today EUR/USD is consolidating above 2/8 Murray which means that we could expect a continuation of the bullish movement in the next few hours.
If this scenario occurs, the EUR/USD pair could reach 1.0570 where it left a gap and could even reach the 200 EMA around 1.0644.
The outlook is positive for the euro. We believe that as long as EUR/USD consolidates above 1.0498 in the coming days, any technical correction will be seen as an opportunity to buy.
However, the eagle indicator is showing a negative signal. So, it is likely that the instrument is exhausting bullish momentum. Therefore, several corrections could occur each time it rises.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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