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Early in the American session, EUR/USD was trading at 1.1115 around the 21 SMA and above Murray 6/8 with a slight technical correction.
The euro could fall and reach the bottom of the downtrend channel around 1.1040 if the price consolidates below 1.1130 in the next few hours.
If the Euro resumes its bullish cycle, we should expect a consolidation above the daily high of around 1.1132 on the H4 chart. Then, we could look for opportunities to buy with targets at 1.1169 Finally, EUR/USD could reach 8/8 Murray at 1.1230.
If the Euro breaks the bullish trend channel and consolidates above 1.1050 in the next few days, the outlook could be negative and we could expect a bearish acceleration with targets at 4/8 Murray at 1.0986 and finally, 200 EMA located at 1.0941.
The eagle indicator is showing overbought signals. So, we believe that any technical rebound and while the Euro is trading below 1.1170, the outlook could be for a technical correction and we will look for opportunities to sell.
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