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Early in the American session, the EUR/USD pair was trading around 1.0906, within the uptrend channel forming since October 24th, and below the 200 EMA. The instrument is about to reach the top of the uptrend channel which acts as a strong resistance.
At the beginning of trading this week, the Euro left a gap at about 1.0827. We believe that in the next few days, the euro could fall to cover it and could even reach the level of 1.0800.
We must pay attention to the 3/8 Murray zone which coincides with the top of the bullish trend channel and the 200 EMA. These zones have become a strong barrier for the euro. If EUR/USD trades below this zone, the outlook could be negative for the next few days.
On the contrary, if the euro consolidates above 1.0925, the bullish trend could click into gear. We could expect EUR/USD to reach 4/8 Murray around 1.0986 and even the psychological level of 1.10.
According to the H4 chart, the eagle indicator is reaching the overbought zone. So, it is likely that if EUR/USD settles below 1.0925 (3/8) in the next few days, we could expect a technical correction and it will be seen as an opportunity to sell.
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