FX.co ★ Trading signal for EUR/USD on August 26 - 29, 2022: buy above 1.0009 (21 SMA - 2/8 Murray)

Early in the American session, EUR/USD is trading around 1.0224, above the 21 SMA, and inside the uptrend channel formed since August 22.

According to the 4-hour chart, we can see that the euro is showing a positive signal after bouncing around 0.9965 in the European session. In the next few hours, the euro will reach the resistance zone of the top of the uptrend channel around 1.0078.

The key sits around 2/8 Murray at 1.0090 could offer an opportunity for the euro to continue rising. As long as it trades above this level, the euro could reach 3/8 Murray at 1.0131 and could even reach the 200 EMA located at 1.0170.

The eagle indicator is giving a positive signal and the rise is likely to continue in the coming hours. For that, we should expect a sharp break above the uptrend channel, which could offer an opportunity to continue buying the euro above 1.0080.

Immediate support is found at 0.9960 (21 SMA). If this level is confirmed as resistance, further losses could follow and the euro could drop towards 1/8 Murray at 0.9887.