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Early in the American session, EUR/USD is trading around 1.0299, bouncing after having reached a low at 1.0222. This coincided with the bottom of the downtrend channel. Now after the technical bounce, the instrument is located above 2/8 of Murray. So, a recovery is likely to follow in the next few hours.
If the euro consolidates above 0/8 of Murray in the next few hours, we could expect it to reach the 21 SMA located at 1.0347. EUR/USD could even reach the top of the bullish trend channel around 1.0385.
On the other hand, the euro could consolidate and we could expect a resumption of the bearish cycle, but the key will be to watch for the price to stay above 1.0253. Above this area, there will be an opportunity to buy. Below this area, the euro could continue its fall and could even reach -1/8 Murray around 1.0131.
The eagle indicator is showing a bearish signal, so we could expect a technical correction. Then, we will be able to buy if the euro settles above 1.0256.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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