03.05.202417:36 Forex Analysis & Reviews: Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought - 5/8 Murray)

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EUR/USD is trading around 1.0767 within the bullish trend channel forming on the 1-hour chart. The instrument is retreating having reached the high at 1.0811 in light of the US economic data.

The euro is retreating, so we could expect a further bearish movement. Technically, we observe that the euro is overbought and there is bearish pressure below 1.08.

Given that the eagle indicator is giving overbought signals, our trading plan for the next few hours will be to sell below 5/8 of Murray located at 1.0803 with targets at 1.0739 and 1.0705.

If there is a pullback towards 1.0803, it will be seen as an opportunity to sell again, but if the euro breaks and consolidates above 1.0810, the outlook could be positive and we could expect EUR/USD to reach 1.0864 and 7/8 Murray at 1.0925.

Our trading plan for the next few hours will be to sell below 5/8 Murray, with targets at the bottom of the uptrend channel or at 3/8 Murray located at 1.0681.

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