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EUR/USD is trading around 1.1570, below the 200 EMA, and below the 21 SMA within the uptrend channel formed since November 20.
During the American session, the euro reached the bottom of the uptrend channel, which gave it a good technical rebound. Now it is likely to resume its upward cycle and could reach 1.1587 and even the 7/8 Murray around 1.1596.
The euro continues to trade within its uptrend channel, so the outlook remains positive. Therefore, we will look for opportunities to buy at current price levels around 1.1570 or in case of a technical correction towards the bottom of the trend channel around 1.1555.
In the event of a sharp break in the uptrend channel, we could expect the price to fall below 1.1550. In this case, EUR/USD could reach the 6/8 Murray around 1.1474.
The Eagle indicator is showing a positive signal. So, the odds are that the euro will continue to rise 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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