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Early in the American session, the euro is trading around 1.1752, close to its high reached last Friday and showing signs of exhaustion. EUR/USD is trading around its high reached on Friday.
EUR/USD is showing signs of exhaustion as it is close to the 5/8 Murray resistance level, which is acting as a barrier.
If the euro continues to rise in the coming hours, it should attempt to break through the top of the uptrend channel around 1.1780 and also break above the 5/8 Murray level, which could be seen as a positive sign. Hence, EUR/USD could reach the 6/8 Murray level around 1.1840.
On the contrary, if the euro falls below 1.1760, we could expect a technical correction, and EUR/USD could reach 4/8 Murray around 1.1718 and finally, reach the bottom of the uptrend channel around 1.1670.
Since September, the euro had left a gap that was covered last week. This means that the euro could resume its bearish cycle in the coming days, and we could expect it to reach levels of 1.15 and 1.14.
Above 1.1780, this outlook will be invalidated, and we should expect the instrument to continue rising. The Eagle indicator is showing a negative signal, which supports our bearish strategy.
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