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The euro is trading around 1.1622, rebounding after finding strong support at the 3/8 Murray level at 1.1596. This level allowed the euro to recover; however, EUR/USD is now struggling to continue rising as it faces the 21 SMA zone and, in turn, the upper band of the downtrend channel around 1.1650.
The euro has upside potential in the coming days, so we will look for opportunities to continue buying as long as the price consolidates above the 3/8 Murray level. Hence, any pullback toward this zone will be viewed as a positive signal to buy.
A decisive break above the 21 SMA and above the downtrend channel could allow us to continue buying the euro, as it could reach the 200 EMA around 1.1686 and even reach the 4/8 Murray line around 1.1718.
Given that the Eagle indicator is showing a positive signal, our strategy will be to buy the EUR/USD pair as long as the price consolidates above the key 1.1600 level. Above this zone, the outlook remains bullish for buying, with medium-term targets around 1.1840.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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