Early in the American session, EUR/USD is trading around 1.0943 below the downtrend channel forming on the H1 chart, above 3/8 Murray, and above the 21 SMA. The instrument is expected to continue its rise in the next few hours, break the downtrend channel, and reach 4/8 Murray around 1.0994 and finally, the 200 EMA around 1.1010.
In case the euro has a technical bounce, we expect EUR/USD to consolidate above 3/8 Murray around 1.0925 - 1.0910. From that level, we could look for opportunities to buy.
The H4 chart shows that the euro is oversold. Therefore, after a break above 1.0960, EUR/USD is likely to recover and reach the level of 1.1047 since technically, the euro left a gap after the NFP data that should be covered around 1.1020.
Given that the euro could recover, we will look for opportunities to buy above 1.0910 with targets at 1.0960, 1.0986, and 1.1047.
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