The euro is trading around 1.1796, around the 38-period moving average and within the uptrend channel formed since early September.
The euro is consolidating below the +1/8 Murray level, which means that there could be a drop toward the uptrend channel support or toward the 8/8 Murray level around 1.1718 in the coming days.
Conversely, if the euro price breaks and consolidates above 1.1840, we could expect it to reach the top of the uptrend channel around 1.1900 or even the +2/8 Murray level at 1.1962.
In the short term, if the euro falls below the 200 EMA, we could expect a trend reversal, and the instrument could reach the psychological level of 1.15.
According to the H4 chart, EUR/USD is under bearish pressure. So, as long as the instrument remains below the key point of 1.1840, it will be seen as a signal to enter short positions with targets at 1.1596 and the 6/8 Murray around 1.1500.
