Early in the American session, the euro is trading around 1.0404, making a technical correction after an attempt to break the bearish trend channel but without success.
On the H4 chart, we see a technical correction. Therefore, if EUR/USD consolidates below 1.0430, it could continue its fall in the coming days until the price reaches the 21 SMA located at 1.0335.
If the euro breaks and consolidates below 1.0330, we could expect a return to the lows of early January around 1.0227. This level is key and it is expected that in this area the euro will find good support which could give it a new bullish impulse.
Conversely, if the euro consolidates and breaks above 1.0430, it is likely to continue rising and could reach 1.0477, 1.0498, and even 7/8 Murray at 1.0620.
