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The euro is trading around 1.1399, above the 21 SMA and within an uptrend channel that has been forming since July 14 with a bullish bias.
The euro managed to rebound after reaching the 5/8 Murray level around 1.1352. Technically, the EUR/USD pair could continue to rise in the coming days as it is trading above the 21-day SMA.
A decisive break above the downtrend channel and consolidation below 1.14 00 could reverse the euro's trend, with a move toward 1.14 45 and eventually 1.1474.
The Eagle indicator is showing a positive signal for the euro, so technically we should expect a decisive breakout from the downtrend channel before opening long positions in anticipation of a return to the July 14 price levels, around the 6/8 Murray level, in the coming days.
If the euro falls below 1.1383 in the coming hours, we could expect the price to return once again to the 5/8 Murray support levels around 1.1352. If downward pressure prevails, we could expect EUR/USD to reach the lower band of the downtrend channel around 1.1335.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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