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EUR/USD is trading around 1.0825, above the 200 EMA, above 5/8 Murray, and within the uptrend channel forming since April 12.
On the daily chart, we can see that the euro is showing a positive signal and is likely to continue rising in the coming days until reaching 6/8 of Murray located at 1.0864.
On the daily chart, we see a bearish slope on the eagle indicator. So, it means that if EUR/USD fails to break the top of the uptrend channel and if it fails to break 6/8 Murray, this could be seen as a signal to sell, for which we will look for selling opportunities below 1.0864.
If bullish strength prevails and the euro consolidates above 1.0870, we could expect the euro to advance quickly and EUR/USD could reach 8/8 Murray located at 1.0986 and even the psychological level of 1.10.
On the contrary, if the euro falls below the 200 EMA and below 1.0803, we could expect a technical correction to occur towards the key support of 4/8 Murray located at 1.0742.
As the euro trades within the uptrend channel and above 1.0742, we could expect a good technical rebound to occur which could be seen as a signal to continue buying.
A significant drop could occur if the EUR/USD pair breaks below 1.0740. Then, it could change the trend of the euro and it could approach the key level of 1.05 in the short term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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