Trading Conditions
Products
Tools
Early in the American session, the Euro (EUR/USD) is trading around 1.0941 within the downtrend channel forming since March 6th, and within the main uptrend channel forming since February 27th.
The euro is showing signs of exhaustion. EUR/USD is likely to continue with the technical correction in the coming hours and could reach 2/8 of Murray located at 1.0857.
If the euro breaks the bullish channel sharply in the next few hours and consolidates below 1.0930 (21 SMA), we could expect a bearish acceleration and the price could reach the bottom of the secondary bearish trend channel around 1.0885. The instrument could finally reach 200 EMA located at 1.0857.
EUR/USD could have a positive outlook in case it breaks and consolidates above 1.0955. Then, we could expect it to reach 4/8 Murray around 1.0986, the psychological level of 1.10 and finally, it could even reach 5/8 Murray at 1.1067.
Given that the eagle indicator is giving a negative signal, and the euro is overbought, our strategy will be to sell at the current price levels below 1.0950 with targets at 1.0925 and 1.0864.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.