The euro is trading around 1.1785, bouncing after reaching the support zone around the 21 SMA. We believe EUR/USD could continue its rise in the coming hours, reaching the +1/8 Murray level at 1.1840.

The euro is showing signs of exhaustion and overbought conditions. It is likely that if a bullish move occurs, it will be seen as an opportunity to sell, as technically the euro should fall in the coming days.

If the euro breaks below 1.1762 and consolidates below this price zone, a bearish acceleration is possible. Therefore, EUR/USD could reach the bottom of the trend channel around 1.1620. The price could eventually reach the psychological level of 1.1500 around the 200 EMA.

The outlook is bearish for the euro, so we will look for selling opportunities at current price levels or in the event of a pullback towards 1.1840, with short-term targets around the 6/8 Murray level located at 1.1474.