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The euro is trading around 1.1671, below the 21-day SMA and within the uptrend channel that has formed since early August. EUR/USD could come under pressure in the coming days if it consolidates below the Murray 8/8 level.
The euro reached a high of 1.1710, a level that coincided with the upper band of the uptrend channel and also approached the Murray 8/8 zone, which represents strong resistance. We believe that we will look for opportunities to continue selling in the coming hours. Hence, the instrument will likely fall toward the Murray 6/8 level, around 1.1596, in the coming days.
Conversely, if the euro consolidates above 1.1677, we could expect a recovery in the currency pair, which might reach the 8/8 Murray level around 1.1718. If this happens, a triple top pattern could technically form, and a strong technical correction is likely to follow this rally.
If the euro falls below the 7/8 Murray level around 1.1657, we could see a rapid decline since there is no support until 1.1596. Therefore, a break below this zone could be considered a sell signal.
The Eagle indicator is showing a negative signal and has reached overbought levels; therefore, as long as EUR/USD trades below 1.1718, our outlook remains bearish for the coming days.
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