Early in the American session, the euro was trading around 1.04, above 1/8 Murray, and above the 21 SMA. The euro is forming a symmetrical triangle pattern. In case of a break above 1.0410, the bullish cycle could resume.
If the euro consolidates above 1.04 in the next few days, we could look for buying opportunities with targets at the top of the downtrend channel around 1.0434.
On the other hand, with a drop below 1.0385, we can expect the euro to lose strength. Hence, EUR/USD could reach 1.0336.
There will be short moves in the euro price because the markets are closed due to the holidays. Although we will also have the same moves next week, the market could resume its course by January.
Due to low liquidity, strong and unexpected movements could occur, so we should avoid trading close to the market closing hours.
The eagle indicator is showing a positive signal, so we will look for opportunities to buy while the euro trades above 1.0400.
The material has been provided by InstaForex Company - www.instaforex.com
