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Early in the American session, the euro is trading around 1.0836 above the 200 EMA and within the bearish trend channel forming on the H4 chart since July 17. According to the chart, we observe the formation of a rectangular pattern. Therefore, EUR/USD is likely to bounce above 1.0827 in the next few hours as it has been happening during the last few sessions.
If the euro consolidates above 6/8 Murray located at 1.0864, we could look for opportunities to buy as this would mean a trend reversal for the euro and EUR/USD could rise to 1.10.
If a breakout of the downtrend channel occurs and the euro consolidates above 1.0864, we will look for buying opportunities with targets at 1.0925 and 1.0986.
On the contrary, a close and a drop below 1.0820 (200 EMA) on the H4 chart could mean a further bearish movement and the euro could reach 1.0803, 1.0780 and, finally, the Murray 4/8 at 1.0742.
The eagle indicator is in the oversold zone. We believe that the euro could continue its rebound in the coming days if the price consolidates above 1.0800.
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