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During the European session, EUR/USD reached the top of the downtrend channel around 1.1805. The euro attempted to break through this strong resistance but was unsuccessful, and we are now seeing a technical correction.
If the euro consolidates below the 200 EMA and below the 21 SMA in the coming hours, we can expect a further downward movement. Hence, EUR/USD could reach the 4/8 Murray around 1.1718 and could even continue its downward cycle and could reach the psychological level of 1.1500 in the short term.
The bearish outlook could be invalidated if the euro consolidates above 1.1800. In this case, we can expect a return to the 5/8 Murray located at 1.1840. Finally, EUR/USD could reach the 6/8 Murray at 1.1962 and even the psychological level of 1.20.
As long as the euro trades below the downtrend channel and below the 200 EMA, the outlook will remain negative, and we expect EUR/USD to decline to 1.1718 in the coming days.
The Eagle indicator is showing a negative signal, so we expect the euro to fall towards the 4/8 Murray support levels or towards the bottom of the downtrend channel in the coming hours.
Our trading plan for the coming hours is to sell the euro from current levels below 1.1810. The Eagle indicator supports our bearish strategy.
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