Early in the American session, the EUR/USD pair is trading around 1.1623 within the uptrend channel formed since June 10th and showing a slight recovery after consolidating in this area over the past few days.
The euro has strong resistance around 1.1640. Technically, this area has exerted downward pressure on the euro in recent days.
Currently, EUR/USD is located within the bullish trend channel that acts as resistance. The euro is touching this resistance, so a sharp decline is likely in the coming days if the price continues to consolidate below 1.1645.
If the instrument continues to consolidate above 1.1650, the euro's outlook could remain positive and EUR/USD could reach the next resistance at 1.1718. However, technically, this rapid move could result in the resumption of its bearish cycle.
