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14.01.2025 05:26 PM
Early in the American session, EUR/USD is trading around 1.0248, retreating after having reached the resistance of 4/8 Murray and the 21 SMA.
This level is key because if the euro manages to consolidate above this area, we could expect a continuation of the bullish movement and EU/USD could reach the top of the bearish trend channel around 1.0376 which coincides with 5/8 Murray.
On the H4 chart, we can see that the euro is trading within a bearish trend channel. Yesterday during the American session, EUR/USD reached the bottom of this channel. Since then, it started a strong technical rebound and now the instrument could continue its rise in the next few days.
The level we should pay attention to is 1.0253. Above this area, the outlook could be favorable for the euro's recovery and we could buy EUR/USD with the target at 1.0380.
On the contrary, the bearish pressure could intensify below 4/8 Murray and we could expect EUR/USD to reach 3/8 Murray at 1.0131.
The eagle indicator is giving a positive signal which supports our bullish strategy. The key is to buy as long as the EUR/USD remains above 1.0253.
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