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The euro is trading around 1.1519, rebounding after hitting a low of 1.1435; this level coincided with the March 19 low, forming a double bottom pattern, which suggests a bullish outlook for the coming days.
If the euro consolidates above the 2/8 Murray support level in the coming days, this could be seen as a buy signal, with targets at the 3/8 Murray level around 1.1596. EUR/USD could eventually reach the 200 EMA around 1.1610.
The euro is expected to consolidate above the 200 EMA in the coming days, after which it could touch the 4/8 Murray level around 1.1718 and eventually reach the gap left in February around 1.1820.
If the euro falls below the 2/8 Murray level, EUR/USD could resume its bearish cycle and reach the lower band of the bearish trend channel around 1.1400; once this level is broken, the instrument could reach the 1/8 Murray level around 1.1350.
The Eagle indicator has approached oversold levels, so a technical correction is expected in the coming days, which could be seen as a buy signal.
Our outlook for the coming hours is to buy the euro above 1.1501 (21 SMA), with targets at 1.1520, 1.1555, and finally at 1.1596 or even around the 200 EMA at 1.1610.
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