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Early in the American session, the EUR/USD pair is trading around 1.1393 within a symmetrical triangle pattern formed since April 22. The Euro is showing a consolidation; however, an exhaustion of the bullish force is observed, which we believe that the Euro could make a technical correction in the next few hours.
If the euro breaks below the symmetrical triangle pattern and consolidates below 1.1370, this could be seen as an opportunity to sell with targets at the 6/8 Murray and ultimately the 200 EMA at 1.1128.
On the other hand, if the euro consolidates above 1.1410, the outlook could be positive, and we could expect it to reach 1.1474 and even reach its high of 1.1573, and finally reach the 8/8 Murray level at 1.1718.
On the H4 chart, we can see that the euro has been in an uptrend since April 10, which was broken. We now believe it could reach the 1.1228 area, as a technical correction is expected toward the bottom of the bullish channel.
Our trading plan for the coming hours is to sell below 1.1410 with targets at 1.1370 and 1.1230. The eagle indicator is giving a negative signal, so we believe a technical correction could occur in the short term.
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