EUR/USD is trading around 1.1596, testing the resistance of 7/8 Murray and consolidating above the 200 EMA, which could mean a further upward movement in the coming days.
If the euro consolidates above 1.1605 in the coming hours, we can expect a continuation of the upward movement, which could push the price up to 8/8 Murray around 1.1718.
The outlook remains bullish for the euro in the coming hours, and EUR/USD could continue its rise. So, as long as the price remains above the 21 SMA located at 1.1562, any pullback will be seen as an opportunity to continue buying.
Conversely, if the euro falls below 1.1560, we could expect a bearish acceleration, and EUR/USD could reach the bottom of the uptrend channel formed since early November around 1.1507.
The euro has been in a consolidation phase for several weeks, so it is expected to reach a high of 1.1740 in the coming days or fall and reach the 6/8 Murray support around 1.1470. We must keep an eye on the key level of 1.1560, below which the outlook could change, and above which it could continue its rise.
