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Early in the American session, the euro (EUR/USD) is trading around 1.1020, reaching the 200 EMA area located at 1.1020 and trying to break this area as the instrument was under bearish pressure on previous occasions.
If the strength of the technical rebound favors the euro and EUR/USD consolidates above 1.1020 in the next few hours and, at the same time, makes a sharp break of the bearish trend channel and consolidates above 1.1033, we could expect a change in the trend. Therefore, the price could continue its rise and reach 6/8 Murray at 1.1108.
US factory inflation data will be released in the next few hours, which could influence the recovery of the euro. But given that EUR/USD remains within a bearish trend channel forming since September 6, the instrument could climb higher provided that the price consolidates above 1.1020.
The eagle indicator is showing a positive signal, which favors our bullish strategy, but we must be careful since the euro is below both moving averages.
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