EUR/USD is trading around 1.1413 within a downtrend channel that has been forming since July 14, and it is likely to continue falling in the coming days until it reaches the lower band of the uptrend channel that has been underway since June 23, around 1.1390.
If the euro breaks above 1.1444 in the coming hours, we could look for buying opportunities, as EUR/USD could technically resume its uptrend, potentially reaching the 200-day EMA around 1.1469 and, ultimately, the upper band of the uptrend channel around 1.1525.
If the euro falls toward the lower band of the uptrend channel, around 1.1390, this could be considered a buying opportunity in the coming hours in case of a technical rebound, with targets at 1.1450 and 1.1474.
Only a decisive break below the uptrend channel formed since June 23 could change the outlook for the euro, and one might expect EUR/USD to reach the Murray 5/8 level, around 1.1352.
As long as the instrument remains within the uptrend channel, any technical rally above 1.1390 will support the bullish outlook. Above 1.1345, we could still expect the euro to continue rising toward 1.1530.
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