FX.co ★ Trading Signals for EUR/USD for August 7-9, 2024: buy if breaks 1.0925 (21 SMA - 3/8 Murray)

EUR/USD is trading at 1.0920 around 3/8 Murray, above the 21 SMA, and within the downtrend channel forming since August 5th.

The euro could resume its bullish cycle if EUR/USD settles above 1.0925 in the next hours and makes a sharp break of the bearish trend channel.

In case the euro fails to consolidate above 1.0925, the bearish move is expected to continue. So, the instrument could reach the 2/8 Murray at 1.0864 and eventually reach the 200 EMA at 1.0843.

If EUR/USD falls below 1.0920, we can look for opportunities to sell because the instrument is showing signs of exhaustion. Therefore, a decline will follow.