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Early in the American session, the EUR/USD pair is trading around 1.1020 with an uptrend above 6/8 Murray and above the 21 SMA. The euro is likely to continue rising but it is showing signs of exhaustion and a strong technical correction could occur as long as EUR/USD trades below 1.1080.
In case the Euro reaches the 1.1050 zone, where strong weekly resistance is located, it could be seen as an opportunity to sell. In case it reaches the top of the uptrend channel, we could also sell because the eagle indicator is reaching extremely overbought signals. Hence, a correction is imminent in the next few days.
On the other hand, in case the euro reaches 7/8 Murray at 1.1108, it could also be seen as a sell signal because this area represents a technical reversal.
A sharp break below the 21 SMA located at 1.0973 and a break of the uptrend channel formed since December 15 could be seen as a signal for a continuation of the downward movement. Thus, the instrument could reach 1.0849 (220 EMA).
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