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Early in the European session, the euro is trading around 1.1737, above the 21 SMA and attempting to break the top of the downtrend channel formed since late June.
If bullish strength prevails and the euro consolidates above 1.1753, we could expect a new bullish cycle, and the euro could reach +1/8 Murray, located at 1.1840.
We should wait for confirmation to buy the euro if the price consolidates above 1.1753. Otherwise, we could expect a technical correction, which could reach the 200 EMA, located at 1.1575.
Technically, the Eagle indicator is showing an oversold signal, so it is more likely that after any technical correction in the euro, it will always tend to rebound.
Our trading plan for the next few hours will be to sell the euro below 1.1753, with targets at 1.1650 and 1.1596 around 7/8 of Murray.
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