EUR/USD is trading around 1.1746, above the 4/8 Murray and above the 21 SMA with a bullish bias after consolidating above the 1.1700 level. This zone enabled the euro to resume its bullish cycle. Therefore, EUR/USD is expected to reach the 5/8 Murray around 1.1779 in the coming days. The instrument could even reach the 6/8 Murray around 1.1840.
On the contrary, if the bearish pressure prevails and the euro falls below the 4/8 Murray and consolidates below 1.1700, the outlook could be negative, and we could expect EUR/USD to reach the 3/8 Murray at 1.1656. Eventually, the price could reach the key level of the 2/8 Murray around 1.1596.
According to the H4 chart, we can see that the euro is showing positive signs, so EUR/USD is expected to reach 1.1840 in the coming days.
The outlook for the euro could change if EUR/USD falls below 1.1700. In this case, we could expect a strong technical correction.
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