Early in the European session, the euro is trading around 1.1813 following a technical correction after the price reached a new high around 1.1917. The euro has been trading within an upward trend channel since early August.

Yesterday, during the American session, the EUR/USD pair reached the top of this channel around 1.1917. From this level, we observe a technical correction so that the instrument could continue its fall in the coming days until it reaches the 8/8 Murray support at 1.1718.

If the euro finds support around the 21 SMA at 1.1798, this could be seen as an opportunity to resume long positions with targets at 1.1880 and 1.1900.

Below the 21 SMA, the euro could undergo a rapid correction to reach the bottom of the uptrend channel around 1.1700.

Given that the euro has reached levels of 1.1690, it is likely that the technical correction will continue in the coming days, and we could even expect a trend reversal if the price settles below 1.1690.