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The EUR/USD pair is trading around 1.1209 within a downtrend channel that has been forming since early September, above the 21 SMA but below the 0/8 Murray line, and is approaching overbought levels.
Yesterday, during the US session, after hitting a low near 1.1112, close to the -2/8 Murray line, the pair rebounded strongly, breaking out of the secondary downtrend channel that had been forming since late September. It is now consolidating above that channel and above the 21 SMA, which could signal a potential upward move in the coming days.
If the EUR/USD pair breaks above the primary downtrend channel and consolidates above the 0/8 Murray level and above 1.1230, the outlook could turn positive, opening the path toward the 200 EMA around 1.1359, a level that also coincides with the 2/8 Murray level and represents strong resistance.
Conversely, a failed break above 1.1230 could be seen as a signal to sell below this zone, especially since the Eagle indicator is in overbought territory and is giving a negative signal.
Therefore, a move below the upper band could be seen as an opportunity to sell in the coming days, with targets at 1.1108, around the -2/8 Murray level.
If the euro remains above the downtrend channel, expect potential further gains. On the other hand, the price is currently in a strong resistance zone, which could be seen as a signal to take short positions in anticipation of further losses.
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