EUR/USD is trading around 1.1598, above the 21 SMA, and above the 200 EMA with an upward trend. The instrument is likely to continue rising in the coming days until it reaches the top of the upward trend channel around 1.1655.
If the euro falls below 1.1587, we could expect a technical correction towards the bottom of the uptrend channel located at 1.1526.
A sharp break of the uptrend channel and consolidation below 1.1560 could signal a trend reversal, and we could expect the euro to reach 6/8 Murray around 1.1474 in the coming days.
The euro is expected to continue rising in the coming days, as ERUR/USD is likely to reach 1.1718, where the 8/8 Murray is located. The instrument could even cover the gap left at about 1.1743 in September.
The outlook remains bullish for the EUR/USD pair. We expect it to continue rising in the coming days, so any pullback while trading within the uptrend channel will be seen as the right time to plan long positions.
