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During the European session, the EUR/USD pair is trading around 1.1638, rebounding after hitting the lower band of the downtrend channel. The instrument is likely to continue rising in the coming hours until it reaches the 200 EMA around 1.1673.
On the H4 chart, we can see that the euro has left a gap around 1.1603. The euro will likely fall toward the 3/8 Murray level in the coming days, filling this gap, and then it could resume its uptrend.
As long as the instrument trades within the uptrend channel, we could expect it to continue rising until it reaches resistance levels such as 1.1673 or the upper band of the uptrend channel around 1.1695, and ultimately reach the 4/8 Murray line around 1.1718.
The Eagle indicator is showing a positive signal, so any pullback—as long as the price trades above the 3/8 Murray level—will be considered a signal to continue buying in the coming days.
Given that the euro has left an unfilled gap, if the price falls below the 21 SMA, this could be considered a signal to sell with a target at 1.1596. Following a technical bounce around this area, we could open long positions.
If the euro price falls below 1.1590, our bullish outlook would be invalidated, and the currency could resume its primary downtrend.
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