REDATOR Ben Graham Posted February 11 REDATOR Report Share Posted February 11 EUR/USD is trading around 1.1905 within the uptrend channel formed since early February. We can see that the euro is consolidating around 1.1900 and is likely to reach 6/8 Murray around 1.1962 if it remains above and within the uptrend channel in the coming hours.There is strong resistance around 6/8 Murray located at 1.1962. If the euro reaches this level, it could be seen as a good point to resume its main bearish cycle.The 6/8 Murray zone coincides with the 61.8% Fibonacci, a key level at which we should wait to open short positions.We must be careful if we want to sell at current price levels, as the Eagle indicator is showing a positive signal, and any pullback will be seen as an opportunity to buy the euro in the coming days.A sharp break of the uptrend channel and consolidation below the 21 SMA located at 1.1860 could signal a change in trend, and the euro could resume its bearish cycle and reach the lower band of the main uptrend channel around 1. 17.85. EUR/USD could even find good support around the 200 EMA located at 1.1782.A drop below the 200 EMA could signal a sharp decline in the euro, and we could expect it to reach the psychological level of 1.15 in the coming days.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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