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EUR/USD is trading around 1.1905 within the uptrend channel formed since early February. We can see that the euro is consolidating around 1.1900 and is likely to reach 6/8 Murray around 1.1962 if it remains above and within the uptrend channel in the coming hours.
There is strong resistance around 6/8 Murray located at 1.1962. If the euro reaches this level, it could be seen as a good point to resume its main bearish cycle.
The 6/8 Murray zone coincides with the 61.8% Fibonacci, a key level at which we should wait to open short positions.
We must be careful if we want to sell at current price levels, as the Eagle indicator is showing a positive signal, and any pullback will be seen as an opportunity to buy the euro in the coming days.
A sharp break of the uptrend channel and consolidation below the 21 SMA located at 1.1860 could signal a change in trend, and the euro could resume its bearish cycle and reach the lower band of the main uptrend channel around 1. 17.85. EUR/USD could even find good support around the 200 EMA located at 1.1782.
A drop below the 200 EMA could signal a sharp decline in the euro, and we could expect it to reach the psychological level of 1.15 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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