Early in the European session, the euro is trading around 1.1619, bouncing after finding good support around the bottom of the downtrend channel located at 1.1540. From this point, the euro resumed its bullish cycle, however, it is likely to continue rising until reaching the top of the downtrend channel around 1.1675.

The euro is likely to continue rising in the coming days, as the Eagle Indicator is showing a positive signal, and we believe it could reach the 8/8 Murray around 1.1700.

A sharp break above the uptrend channel and a consolidation above the 8/8 Murray eighths could lead to the euro reaching 1.1840 around +1/8 Murray and eventually reaching 1.1962 around +2/8 Murray and even reaching the psychological level of 1.2000.

On the contrary, if the euro consolidates below the 200 EMA at 1.1596, we could expect it to reach the 6/8 Murray around 1.1474.

Given that the eagle indicator is showing potential for a possible recovery for the euro, we will look for buying opportunities whenever the euro pulls back and trades above 1.1596. Our target will be located at 1.1685, a level that coincides with the top of the downtrend channel.