EUR/USD is trading at 1.0920 around 3/8 Murray, above the 21 SMA, and within the downtrend channel forming since August 5th.
The euro could resume its bullish cycle if EUR/USD settles above 1.0925 in the next hours and makes a sharp break of the bearish trend channel.
In case the euro fails to consolidate above 1.0925, the bearish move is expected to continue. So, the instrument could reach the 2/8 Murray at 1.0864 and eventually reach the 200 EMA at 1.0843.
If EUR/USD falls below 1.0920, we can look for opportunities to sell because the instrument is showing signs of exhaustion. Therefore, a decline will follow.
