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The EUR/USD pair is trading around 1.1610, rebounding after hitting the lower band of the upward trend channel formed since May 19. The instrument is likely to rebound in the coming hours to reach last week's high of 1.1685.
If the euro rebounds above the 3/8 Murray line in the coming days and consolidates above this zone, it could be considered a buying opportunity with targets at the 200 EMA around 1.1665.
A drop and a break below the uptrend channel, followed by consolidation below 1.1596, could signal a trend reversal for the euro, and we could expect a sharp decline toward the psychological level of 1.1500.
The Eagle indicator is showing a bullish signal, albeit with signs of exhaustion, so we could expect EUR/USD to trade within the uptrend channel and above the 3/8 Murray level to continue buying. Conversely, a drop below both levels could invalidate our bullish outlook.
Given that the euro is showing signs of recovery, we could buy at current price levels of 1.1616, waiting for the bullish cycle to resume. Therefore, EUR/USD could potentially reach the 4/8 Murray zone as our target.
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