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EUR/USD is trading around 1.0856, below the strong resistance of 2/8 Murray, and within the uptrend channel forming since February 13.
If the euro gains strength and consolidates above 1.0864 in the next few hours, we could expect an upward movement to occur and EUR/USD could reach 3/8 Murray at 1.0925 and finally, the psychological level of 1.10.
On the contrary, since 2/8 Murray represents strong resistance and the eagle indicator is giving a negative signal due to a strongly overbought market, a technical correction is likely to occur, but only if EUR trades below 1.0864.
Therefore, we can sell at the current price level of 1.0856 or just below 1.0864 and wait for a break of the uptrend channel below 1.0830. Then, a bearish acceleration and trend reversal could occur. The bearish target is seen at 1.0742.
In case the euro falls below 1.0864 in the next few hours, it could be seen as a bearish signal to sell with the target at 1.0824. If the euro consolidates below the 200 EMA, we could expect a bearish acceleration and open short positions with the target at 1.0700 in the short term.
Our trading plan for the next few days is to sell the euro below 1.0864 since the eagle indicator shows a strongly overbought signal. Above this area, we should avoid selling or placing our stop loss.
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