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EUR/USD is trading around 1.1085, testing the top of the uptrend channel and consolidating around this area, but we see a bullish bias. So, EUR/USD is likely to continue rising in the next few hours until it reaches 6/8 Murray located at 1.1108.
The euro could change direction and fall below 1.1108. This area represents a strong resistance and technically, the euro is approaching overbought levels. Therefore, a strong technical correction could occur below 6/8 Murray.
If the EUR/USD pair consolidates above 1.1108 in the next few days, we could expect a strong bullish acceleration. Above this area, the euro is likely to rise and reach 8/8 Murray around 1.1230.
On the contrary, the outlook could change below 1.1108 (6/8 Murray) and we can expect a technical correction to follow. In turn, this could lead to a breakout of the uptrend channel. Additionally, if the euro falls below the psychological level of 1.10, it could return to the level of 1.0864 and finally, to 0/8 Murray at 1.0742.
Our trading plan for the next few hours is to sell the Euro if it faces strong resistance at about 1.1108. Below this area, we will consider short positions with targets at 1.1060, 1.1047 and finally, at the bottom of the uptrend channel around 1.1025.
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