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Early in the American session, the euro is trading at around 1.0713, below the 200 EMA, and below 4/8 Murray. During the European session, EUR/USD reached the top of the bullish trend channel forming since April 16, a level that coincided with the resistance area between 1.0753 and 1.0742.
This area is a strong barrier for the euro, as it failed to break. We observe that there is a technical correction during which the instrument could reach 1.0704 and could even fall to the bottom of the bullish trend channel around 1.0680.
If the euro finds support around 1.0704 and bounces around this area, it will be seen as an opportunity to buy with the target at 1.0753.
If a technical bounce occurs but the euro is not strong enough to consolidate above 1.0753, it will be seen as an opportunity to sell with the target at 1.0680.
The eagle indicator is showing an overbought signal, so we believe that any technical bounce while trading below the 200 EMA will be seen as an opportunity to sell until buying pressure is relieved.
In the coming days, we could expect the euro to fall towards 2/8 Murray located at 1.0620. This scenario could occur if the euro trades below 1.0680 and if it breaks the uptrend channel formed on April 16.
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