The euro is trading around 1.1727, below the 21SMA, and within the uptrend channel formed on August 25.
The euro has encountered strong resistance around the +1/8 Murray level at 1.1775, and from that level, we are seeing a technical correction.
EUR/USD is likely to continue falling in the coming days if the price consolidates below the 200 EMA at 1.1657.
On the other hand, if the euro consolidates above 1.1730, the instrument could resume the bullish cycle and reach 1.1779 or even +2/8 Murray at 1.1840.
A sharp break of the uptrend channel and a decline below 7/8 Murray could signal a bearish acceleration. Hence, a short-term decline to 4/8 Murray at 1.1474 is expected.
