06.05.202418:01 Forex Analysis & Reviews: Trading Signals for EUR/USD for May 6-8, 2024: sell below 1.0803 (overbought - 5/8 Murray)

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EUR/USD is trading around 1.1045, below 5/8 Murray, above 200 EMA, and above 4/8 Murray. The instrument is showing signs of exhaustion.

On the H4 chart, we can see that the euro has been showing bullish potential since April 12 but lacks the strength to overcome 1.0803. So, we foresee a technical correction that could continue in the coming days.

The outlook for the euro could change if EUR/USD consolidates below 1.0742 (4/8 Murray). Then, it could reach 3/8 Murray and finally, 2/8 Murray around 1.0620.

If the euro consolidates above 1.0803, the outlook could remain positive and the price could encounter strong resistance around 1.0864 (6/8 Murray). Otherwise, we can expect a decline only if EUR/USD consolidates below 1.0740.

Meanwhile, the euro could trade within a range zone above 1.0740 and below 1.0810 in the next few hours. We could expect this movement for the next few days since the eagle indicator is showing an overbought signal

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