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Early in the American session, the Euro is trading around 1.0736, below the 21 SMA, and below 0/8 Murray. Since the euro hit the low around 1.0694, it has been bouncing and is now approaching a key point that could give it a chance to continue rising, only if the euro consolidates above 1.0745 in the next few hours.
On the contrary, if the euro falls below 1.0740, we could see a resumption of the bearish cycle and EUR/USD could return to the levels of around 1.0700 and could even reach -1/8 of Murray located around 1.0681.
Our outlook could be positive for the euro if it breaks sharply above the SMA 21 in the next few hours. Then, EUR/USD could reach 1/8 Murray located at 1.0803 and finally, it could reach the top of the bearish trend channel that coincides with the 200 EMA around 1.0833.
The daily pivot point sits at 1.0715. While the euro is trading above this area, this could give it a positive outlook. Data from the United States will be published in the next few hours. If the euro falls and rebounds around this level, it will be seen as an opportunity to buy. On the contrary, if the euro falls below this zone, the fall is likely to accelerate and we should avoid buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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