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Early in the American session, EUR/USD is trading around 1.15, showing a recovery on the daily chart. The euro has been consolidating above 1.1450 since last week, and we are now seeing a slight recovery.
However, we could expect EUR/USD to continue rising to reach the Murray 7/8 level at 1.1596. Even if bullish strength prevails, the instrument could reach the Murray 8/8 level at 1.1718.
On the contrary, this area around the 21SMA, located at the psychological level of 1.15, is key. Below this area, we could expect a sharp breakout of the uptrend channel, and the euro could fall toward the 4/8 Murray, located at 1.1230. We even expect it to fill the gap it left at 1.1180.
The euro's outlook remains negative. However, this slight recovery could benefit the bears, as there is strong resistance around 1.1596, which could be seen as a selling opportunity.
Our outlook will be negative below 1.1450. Hence, we will look for selling opportunities with short-term targets at the psychological level of 1.10.
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