Early in the American session, EUR/USD is trading around 1.0290, above the 21 SMA, and above 4/8 Murray with a slightly bullish bias. The instrument could extend its growth in the next few days to reach 6/8 Murray around the psychological level of 1.05.
On the other hand, if the euro falls below 1.0290 and consolidates below 4/8 Murray, the outlook could be negative and we could expect EUR/USD to continue its fall. The price could reach 3/8 Murray located at 1.0131.
EUR/USD is trading within a main bearish trend channel forming since early December and within a secondary bullish trend channel.
The key is to stay alert. If the EUR/USD pair manages to consolidate above the 200 EMA, we could expect a trend change so that the euro could continue its rise until reaching the 1.0742 area (8/8 Murray).
Technically, the euro is expected to consolidate in the next few days. So, in case it finds a strong resistance around the 5/8 Murray level which coincides with the top of the downtrend channel, it will be seen as a signal to resume selling with the target at 1.0253.
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