Early in the American session, the EUR/USD pair is trading with a positive bias around 1.1727. The euro is now above the 8/8 Murray, above the 21SMA, and within an uptrend channel formed on September 25.

If the euro consolidates above 1.1700 in the coming hours, we could expect it to close the gap it left around 1.1735 and could even continue rising to reach the top of the uptrend channel around 1.1805.

If the uptrend continues, we could expect the EUR/USD pair to reach the +8/8 Murray around 1.1840.

On the other hand, if the euro consolidates below 1.1717 and below 8/8 Murray, we can expect a sharp breakout of the uptrend channel, and the price could reach 7/8 Murray around 1.1596.

The Eagle indicator is showing a positive signal, so we believe that as the euro price consolidates above 1.1718 in the coming days, we will look for opportunities to take long positions.