EUR/USD is trading around 1.1652 within the uptrend channel formed since November 21 and testing this channel. So, it is likely that the euro will continue its rise in the coming days and could reach the 4/8 Murray around 1.1718. The instrument could even cover the gap left around 1.1740.

If, in the coming hours, EUR/USD consolidates above 3/8 Murray located at 1.1657, this could be seen as a clear signal to continue buying with a target at 4/8 Murray around 1.1718.

On the contrary, a sharp break of the uptrend channel and a consolidation below 1.1610 suggest that the price could consolidate below two 200 EMAs, which would mean a break of the uptrend channel and, therefore, we could expect a strong technical correction with a target at the 0/8 Murray located at 1.1474.

The Eagle indicator is showing a negative signal. If the instrument consolidates below the 200 EMA, we could plan short positions.

Meanwhile, Any technical rebound, as long as the price consolidates and trades within the uptrend channel, will be seen as an opportunity to open long positions.