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The euro is trading around 1.1413, after rebounding from a low of 1.1397 during the Asian session, and is likely to continue rising in the coming hours, as this level coincided with the lower band of the uptrend channel formed since June 24.
If, in the coming hours, the euro reaches 1.1431—where the 21-period simple moving average (SMA) is located—a technical correction could follow, and EUR/USD could pull back toward 1.1400.
Conversely, if the euro decisively breaks above the 1.1435 level, it could continue to rise rapidly until it reaches the Murray 6/8 level, around 1.1474, and could even reach the 200 EMA, around 1.1497.
We should keep an eye on the 1.1431 area; if the euro consolidates above the 21-period simple moving average (SMA), this will be considered a positive signal, as it would also signify a decisive breakout from the downtrend channel formed since early July.
Given that the euro is under downward pressure, we could expect the price to reach 1.1431 or 1.1440 to open short positions with targets at 1.14. If the downward pressure persists and leads to a decisive breakout of the uptrend channel, we could expect EUR/USD to reach the Murray 5/8 level, around 1.1352.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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