Early in the American session, EUR/USD is trading around 1.1102, below 6/8 Murray, and above 21 SMA. On the H4 chart, we can see that the euro is keeping bullish momentum after breaking the downtrend channel forming since August 26th.
In the next few hours, the euro could continue its rise provided that it breaks and consolidates above 1.1108. Then, EUR/USD could reach the 7/8 Murray zone around 1.1169 and finally, it could reach the key level of 1.12.
If the euro finds a rejection around a strong resistance of 1.1108, we could expect a technical correction. Once the instrument trades around this area, it could be seen as a signal to sell with targets at 5/8 Murray around 1.1045 and finally, at the 200 EMA around the psychological level of 1.10.
The Eagle indicator is showing a positive signal. Thus, as long as the EUR/USD pair is trading above 1.1050, any pullback will be seen as a signal to continue buying.
