EUR/USD is trading around 1.1701 above the 21 SMA and the 200 EMA. Yesterday, after reaching the 1.1670 zone during the American session, EUR/USD resumed its upward cycle and is now consolidating above the two moving averages, suggesting that it could continue its rise in the coming days and reach the +1/8 Murray around 1.1779.

If the euro consolidates within the uptrend channel, it is expected to continue its upward path in the coming hours and could reach 1.1840 in the short term, a key level anticipated by bulls.

On the contrary, a sharp break and consolidation below 1.1680 could enable the euro to resume its main bearish cycle that has been in place since December 2025. EUR/USD could reach the 6/8 Murray at 1.1596 and finally reach the 5/8 Murray at 1.1535.

Given that the H4 chart shows that the euro is overbought, we will look for opportunities to open short positions if the price reaches the levels of 1.1780 or 1.1750. This area could be seen as an opportunity to open short positions.

The Eagle indicator is showing a negative signal, so any technical rebound, as long as the instrument is trading below 1.1750, our outlook will remain bearish and we will continue to sell the euro, with a short-term target around 1.1535.