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Early in the American session, the EUR/USD pair is trading around 1.0838, above the downtrend channel forming since the beginning of October, above 1/8 Murray, and above the 21 SMA, showing some recovery after having broken the downtrend channel.
If the euro pulls back in the next few hours, EUR/USD is likely to consolidate above 1.0803 which could be seen as an opportunity to resume buying with the target at the 200 EMA around 1.0952.
If the euro falls below 1/8 Murray in the next few days, located at 1.0804, it could resume its bearish cycle and reach the low of October 22 at 1.0760 and finally, reach 0/8 Murray at 1.0742.
Given that the euro has been under bearish pressure for more than three weeks, we believe that it could recover in the coming days. Therefore, we will look for opportunities to buy above 1.0800 with the target at the psychological level of 1.10.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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