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The euro is trading around 1.1582, below the 7/8 Murray level and within the uptrend channel formed since June 27. EUR/USD is expected to continue rising in the coming hours but may struggle to break through, as technically the 7/8 Murray level on the daily chart corresponds to the 6/8 Murray level and could be considered strong resistance.
If the euro reaches 1.1596 or 1.16 in the coming hours and the price consolidates below the 7/8 Murray level, this could be considered a clear signal to sell, with targets at the 21 SMA located around 1.1546.
A decisive break below the uptrend channel and consolidation below 1.1540 could signal a negative outlook, and we expect the euro to reach support at the 200 EMA around 1.1493; ultimately, EUR/USD is expected to consolidate above the 6/8 Murray level around 1.1474.
The outlook for the euro could turn negative once the price falls below the 6/8 Murray level; it could then quickly reach the 5/8 Murray level around 1.1352.
Above the psychological level of 1.15, any pullback could be considered a signal to continue buying in the coming days, and below the 7/8 Murray level, we could expect EUR/USD to remain under downward pressure.
The EUR/USD pair could get stuck within a range between 1.1596 and 1.1493; both levels may present opportunities to buy and sell, and we should keep an eye on the highlighted areas.
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