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The euro is trading around 1.1534, rebounding after reaching the 1.1499 area. The euro could recover some of last week's losses if it consolidates above the psychological level of 1.1500 in the coming days.
Given the euro's upward potential, we could open long positions at current price levels. Alternatively, if there is a technical correction to the 61.8% Fibonacci retracement level around 1.1520, we could then target the 21-period SMA around 1.1575 and ultimately expect it to reach 1.1645.
The Eagle indicator is showing a positive signal, so we believe the euro will continue its recovery in the coming days and could reach the upper band of the descending trend channel around 1.1675 in the short term.
Conversely, if bearish forces prevail, the euro has strong support around the 6/8 Murray level at 1.1474. This level is key and could be a turning point for a sustained recovery in the short term.
Our trading plan for the next few hours is to buy the euro if a technical correction occurs and while the price remains above 1.1500, with targets at 1.1575 and 1.1645.
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