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Early in the American session, the EUR/USD pair is trading around 1.0874 within an uptrend channel and above support coinciding with 6/8 Murray. The instrument is following a bullish bias but showing signs of exhaustion.
The euro has been consolidating on the H4 chart. We see it trading above 6/8 Murray, but it finds it difficult to break the uptrend channel and consolidate above 1.0925.
If the euro continues to rise, we could look for opportunities to buy above 1.0870, with targets at 1.0900 and 1.0925.
On the contrary, in case the euro falls below 6/8 Murray, it will be seen as a sell signal and we could sell EUR/USD with the target at 5/8 Murray around 1.0803.
The eagle indicator is giving a negative signal. Hence, it is likely that if the euro breaks the secondary uptrend channel, the instrument could accelerate its decline and fall to the support zone of 1.0818 to 1.0800.
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