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EUR/USD is trading around 1.0954 below the 21 SMA and below 4/8 Murray under strong bearish pressure. The euro has been consolidating since October 3 between the 1.0986 and 1.0950 levels. If the bearish pressure prevails, the instrument could reach 3/8 Murray around 1.0925.
On the other hand, we see a bearish trend channel on the H4 chart, which means that the euro could continue to fall in the next few hours and reach 1.0925.
On the contrary, in case there is a sharp break above 1.0975, the outlook could be positive and EUR/USD could reach 1.1047 (5/8 Murray) and finally 1.1061.
Technically on the H4 chart, we can see that the Euro is oversold which means that we could see the euro recover in the next few days. Therefore, we should expect it to consolidate above the 21 SMA located at 1.0975, then it could reach the target of the 200 EMA located at 1.1061.
Our trading plan for the next few hours is to buy on a break above 1.0960 or on a bounce around 1.0925. The Eagle indicator is showing an imminent signal of a technical bounce.
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