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The euro is trading around 1.1756 with a bullish bias after decisively breaking above the 21-day SMA and the 4/8 Murray line. The latest candles on the H4 chart show a slight technical correction in the euro, but it still has upside potential, so we expect EUR/USD to continue rising in the coming days until it reaches the 5/8 Murray line around 1.1840.
If, in the coming hours, the euro reaches the key support level of 1.1718 and consolidates above this zone, it could be seen as a signal to open long positions.
If the euro falls and finds strong support around the 200 EMA at 1.1690 in the lower zone of the uptrend channel, this could be considered an opportunity to buy the euro with targets at the upper band of the uptrend channel around 1.1827.
On the H4 chart, we can see that on April 30, the euro decisively broke out of the downtrend channel formed since April 15 and is now trading within an uptrend channel. Therefore, any pullback—as long as the price remains above 1.17—could be seen as a buying opportunity.
If the euro continues to rise and encounters strong resistance around the upper band of the bullish trend channel at 1.1825, or if it reaches the 5/8 Murray level, we could view this area as an opportunity to take short positions.
The Eagle indicator is showing a positive signal, so our strategy will remain bullish for the next few days as long as the price consolidates above the 200 EMA.
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