EUR/USD is trading around 1.1618, bouncing after forming a double bottom pattern around 1.1543.
After bouncing above 1.1550, the euro is now consolidating above the 7/8 Murray and above the 200 EMA, suggesting it could continue its rise in the coming days, reaching the 200 EMA around 1.1670.
EUR/USD is expected to rise in the coming hours until it breaks the downtrend channel and reaches the 8/8 Murray around 1.1718.
The euro is expected to cover the bottom it left at around 1.1739. Therefore, we could look for opportunities to continue buying at current levels while the EUR/USD pair trades above 1.1580. Any pullback will then be seen as a buying opportunity.
The outlook for the euro remains bullish, and the eagle indicator supports this condition, so we expect EUR/USD to reach 1.1740 in the coming days.
