The euro is trading around 1.1452 with a bullish bias. EUR/USD broke decisively above the 200 EMA and above the downtrend channel that had formed since July 14.
US economic data was favorable for the euro, causing EUR/USD to reach the July 13 high of around 1.1474 during Wednesday's US trading session.
If a technical correction toward the 21 SMA occurs in the coming hours, we could sell the EUR/USD pair if the price falls below 1.1443, with targets at 1.1394.
Conversely, if the euro consolidates above the 200 EMA, this could be seen as a positive signal to continue buying in the coming days, with targets at the 7/8 Murray level around 1.1596.
The Eagle indicator is showing a positive signal, and we could expect a technical correction toward the upper band of the uptrend channel—which was broken around 1.1394—to resume buy trades.
If the euro consolidates above the June-July high at 1.1480, the outlook could be positive, and we could continue buying the euro.
In the coming hours, we could sell the euro if the price consolidates below the 6/8 Murray level, with targets at the 21 SMA.
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