Early in the American session, EUR/USD is trading around 1.0928 above the 3/8 Murray line within a symmetrical triangle and within a downtrend channel formed since July 13.
The euro is consolidating above 1.0925. EUR/UDS is likely to recover in the next few hours. It could reach 4/8 Murray at 1.0986 and even reach the top of the downtrend channel around 1.1047.
Given that EUR/USD is trading within a symmetrical triangle pattern and strong support around 1.0925 (3/8 Murray) converges, this suggests that the instrument will have a recovery in the next few hours. So, it could bounce and reach the level of 1.1108 (6/8 Murray).
On the other hand, if EUR/USD falls below the symmetrical triangle and below 1.0925, we could expect a bearish acceleration and the euro could continue its move to hit 2/8 Murray at 1.0864.
Since July 28, the Eagle indicator has been giving a positive signal. EUR/USD is expected to recover in the next few hours and it could reach the resistance zone around 1.1047.
The daily pivot point is located around 1.0957. It means that if the pair surpasses this level, we could expect an upward movement for the next few days with the target at the weekly resistance of 1.1129.
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