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EUR/USD is trading around 1.1377, pulling back after reaching 1.1439. The euro is showing a negative signal, but it could also be consolidating in preparation to resume its uptrend.
On the H4 chart, we can see that the euro pulled back to the 61.8% Fibonacci level, so the euro could resume its initial uptrend above this zone, and we could expect it to reach the 6/8 Murray level around 1.1475 in the coming days and ultimately reach the 200 EMA around 1.1520.
If the euro breaks above and consolidates above the 21 SMA at 1.1396 in the coming hours, we could expect a bullish sequence to begin. However, for that to happen, we would still need to wait for EUR/USD to break above the downtrend channel around 1.14. Above this zone, we could look for buying opportunities, with targets at the 200 EMA around 1.1520, and ultimately, we could expect it to reach the 7/8 Murray level around 1.1575.
The euro has strong support around 1.1352. If EUR/USD reaches this support level in the coming hours and consolidates above this zone, it could be a good point to open long positions, anticipating that it will reach 1.1396 and eventually break above this zone to reach 1.1520.
Our trading plan is to buy the euro in the coming days. We should monitor the price closely to make sure it consolidates above 1.1350. Above this level, any pullback will be seen as a signal to open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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