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EUR/USD is trading around 1.1426, rebounding after hitting the lower band of the uptrend channel that has been forming since June 24.
On the H4 chart, we can see that the euro is within an uptrend channel, so EUR/USD could continue its rise in the coming days until it reaches the 200-period moving average around 1.1488; it could even reach the upper band of the uptrend channel around the psychological level of 1.15.
Given that the euro is within an uptrend channel, the outlook for the EUR/USD will trade higher in the coming days, and we believe it could reach the 200-day moving average around 1.1488.
A decisive break below 1.14 could change the outlook for the euro, and we could expect it to retreat toward the 5/8 Murray level around 1.1352 and ultimately reach the June 24 low around 1.1335.
Given that the Eagle indicator is showing a positive signal, we could continue buying euros in the coming hours with targets at 1.1521, near the upper band of the uptrend channel.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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