Early in the European session, the Euro (EUR/USD) is trading around 1.0602, below the 3/8 Murray, and below the 200 EMA. According to the H4 chart, we can see that the Euro has been trading within an uptrend channel since October 3rd.
In the coming hours, the euro is expected to trade below 1.0620 which could be seen as an opportunity to sell, with targets at 1.0569 and 1.0537.
EUR/USD pair could rise in the coming days if it consolidates above 1.0500. According to the daily chart, the euro is trading above the 21 SMA, so it keeps the bullish momentum intact.
The euro could extend its rise only if it consolidates above 1.0620. Then, it could reach the top of the uptrend channel around 1.0695.
In case the bulls resume bullish dominance, EUR/USD should find the next resistance at 1.620 (3/8 Murray) and at the 4/8 Murray at 1.0742.
The H4 chart signals a bullish continuation as the instrument is moving within the bullish channel, but could be showing signs of exhaustion. Finally, the eagle indicator is generating an overbought signal. So, only if the euro breaks below 1.0620, will it be seen as a selling opportunity.
