EUR/USD is trading around 1.0522 above the 21 SMA and above 2/8 Murray showing a slight recovery.
If the euro consolidates above this area, it could mean that the instrument could reach 3/8 Murray at 1.0620 in the next few days and even climb to the 200 EMA around 1.0702.
With a close below 1.0475 on the 4-hour chart, the currency pair could resume its bearish cycle and cover the gap it left around 1.0387 and around 1.0376.
The outlook could be bullish for the euro as long as EUR/USD consolidates above the psychological level of 1.05. EUR/USD could reach 5/8 Murray at 1.0864 in the short term.
