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Early in the European session, EUR/USD is trading around 1.0841 with a slightly bearish bias and with a GAP after opening of negotiations this week. In the next few hours, the euro is expected to cover this GAP and reach 1.0864, a level that coincides with the top of the bearish trend channel forming since December 19.
The euro has found strong support around 1.0826 - 1.0820. This area offered a strong technical bounce to the Euro on January 23 and 25. If the euro falls and bounces around this level in the next few hours, it could be considered an opportunity to buy.
Additionally, if the euro covers the GAP in the next few hours that it left around 1.0854, it could be seen as an opportunity to sell, only in case EUR/USD meets strong resistance around 1.0864 (1/8 Murray).
If the euro breaks sharply the downtrend channel forming since December 19, the instrument could find other resistance around the 200 EMA and around the top of the secondary downtrend channel formed since December 27. Eventually, EUR/USD could reach 1.0915.
In case there is a daily close and consolidation above 1.0920, the euro could start a new bullish cycle and could reach 2/8 Murray at 1.0986, around the psychological level of 1.10, and finally, could approach 3/8 Murray located at 1.1108.
On the contrary, a daily close below 1.0820 could open the door to the bearish cycle. So, the euro could reach the level of 1.0742 (0/8 Murray) and could even reach the bottom of the downtrend channel around 1.0690.
The market sentiment report shows that there are 54.35% of traders who are buying euros. This signal indicates that the euro could continue its weakness in the coming days. As the statistics are almost balanced, the euro will likely consolidate in the coming days above 1.08.
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