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Early in the American session, the euro is trading around 1.0820, above the 200 EMA, and below 2/8 Murray. We can see that the euro is trading within the bullish trend channel forming since February 13.
During the European session, the euro tested the bottom of this channel and gained an opportunity for a technical rebound. Now the probability is to continue rising and EUR/USD could face the resistance of 1.0862 again.
If the euro trades above 1.0821 in the next few hours, the outlook could remain bullish and the instrument could reach the top of the uptrend channel around 1.0890 and could even reach 3/8 Murray at 1.0925.
The pivot point is located around 1.0840. If the Euro falls below this level in the next few hours, there will be a change in the trend, but for this, we should wait until EUR/USD breaks sharply through the bullish trend channel and consolidate below the 1.0820 level.
If this scenario occurs, the euro could have a downward acceleration with targets at 0/8 Murray located at 1.0742 and finally, at -1/8 Murray located at 1.0681.
Since February 19, the eagle indicator has been overbought. So, in the coming days, EUR/USD is likely to make a strong technical correction and could return to levels of 1.07. The key to this outlook will be to monitor the euro trading below the strong resistance at 1.0864. Then, we could expect a technical correction to occur in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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