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The EUR/USD pair is trading around 1.0503, above 2/8 Murray, above the 21 SMA, and within a bullish trend channel which has been in progress since December 12.
If the euro sharply breaks the bearish trend channel and consolidates above 1.0520 during the American session, we could expect a further bullish movement. Therefore, the instrument could reach 3/8 Murray located at 1.0620 or the 200 EMA located at 1.0592.
On the contrary, if the euro breaks the bullish trend channel and consolidates below 1.0490, the outlook could be negative and we could expect EUR/USD to reach the weekly support of 1.0389. The price could even reach 1/8 Murray located at 1.0376.
During the holiday weeks, the markets will have low trading volume, so unexpected movements in the pair could occur. Be careful and avoid trading outside of stock market hours.
The outlook could be negative for the EUR/USD pair below 1.0490 and could be positive if it consolidates above 1.0520. It is important to monitor both levels to consider the option of buying or selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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