A pullback from 1/8 Murrey Math Level led to a significant bullish rally in EUR/USD. However, 4/8 MM Level has acted as resistance, that's why the market is consolidating above 3/8 MM Level. Also, the Super Trend Lines has formed a 'Bullish Cross', which brings more evidence for this scenario. It's possible that the pair is going to test the Daily ST-Line, which could act as support. If this happens, there'll be an open door for another upward price movement in the direction of 6/8 MM Level.

It's essential that the market should fixate above 4/8 MM Level to confirm the bullish outlook. However, if the price breaks the Daily ST-Line, we should watch 2/8 MM Level as a potential target for the ongoing correction. Additionally, we should monitor 5/8 MM Level, which could be a departure point for a local downward correction. In this case, all eyes will be at 4/8 MM Level again which this time could act as support and stop bears.

The bottom line is that EUR/USD might have bottomed, so the current consolidating is likely to be just a local break before we see the market higher. The main intraday target is 6/8 MM Level (1.1353). If the price goes through this line, 7/8 MM Level will become the next goal for bulls.