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The euro is trading with upside potential around 1.1642, consolidating above the 21-day SMA, below the 200-day EMA, and below the downtrend channel formed since May 8.
The euro could continue its rise in the coming hours, but it would need to decisively break out of the downtrend channel, break above the 200 EMA, and consolidate above 1.1667 for the outlook to remain positive.
If the euro reaches the resistance level at 1.1667 and fails to consolidate above this zone, it could be considered a signal to sell in the coming days, with targets until EUR/USD reaches the 3/8 Murray level again around 1.1596. The instrument is even expected to reach the psychological level of 1.1500.
The Eagle indicator is showing a positive signal. To confirm the upward move, we should wait for the euro to consolidate above 1.1667 to continue buying, with targets at 1.1718 and finally at the 5/8 Murray level around 1.1840.
Given that the euro is struggling to continue rising and is showing signs of exhaustion on the H4 chart, it is likely that there will be a technical correction toward 1.1596 in the coming hours before resuming its uptrend. Hence, a technical rebound could occur.
Our trading plan for the coming hours is to sell the euro below the downtrend channel with targets at 1.1596 and 1.1532.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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