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Early in the European session, the euro is trading around 1.1657, undergoing a technical correction after reaching the 61.8% Fibonacci retracement. It is likely to continue falling in the coming hours, reaching the 6/8 Murray support around 1.1596.
If the euro continues to rise, we could expect it to reach the 8/8 Murray resistance around 1.1716 and could even reach the top of the uptrend channel around 1.1798.
If EUR/USD consolidates above the 21 SMA and the 200 EMA in the coming days, there is still a possibility of an upward breakout, and it is likely to reach the key level of 1.1800.
A break below 1.1630 and, furthermore, a consolidation below 1.1596 could be seen as a negative signal, and the euro could reach the price levels seen at the end of July around 1.1393 in the coming days.
Meanwhile, we can look for opportunities to sell below 1.1718 and buy in case of a technical rebound above 1.1596, as a possible area in the range.
Key support levels are located at 1.1645, 1.1625, 6/8 Murray at 1.1596, and 5/8 Murray at 1.1535.
Resistance levels are located at 1.1702, 1.1718, 1.1760, which represents the top of the downtrend channel, and finally +1/8 Murray at 1.1798.
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