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After reaching its high at 1.0888, EUR/USD made a series of technical corrections. However, we are now seeing a recovery, but the instrument is showing signs of exhaustion as technically, EUR/USD has reached overbought levels.
The US dollar index (USDX) has reached levels seen in November around 103.48. In turn, it is observed that the Euro has benefitted from this fall of the dollar. However, EUR/USD could be preparing for a technical rebound which could weaken the strength of the euro.
Technically, the EUR/USD pair could face a strong technical correction as the Eagle indicator reached the extremely overbought zone. So, we believe that a strong technical correction could occur below +1/8 Murray in the next few days, and EUR/USD may drop to the 6/8 support around 1.0500.
On the other hand, if the bullish force prevails, the euro could climb to the +2/8 Murray zone at 1.0969. This level is key as a strong fall could occur below this area.
Our trading plan for the next few hours is to sell the euro at current price levels below 1.0870 with targets at 8/8 Murray located at 1.0742 and finally, at 7/8 Murray located at 1.0620.
The euro is expected to return to 1.0376 in the medium term since it left a gap in that area on February 27. Therefore, EUR/USD is likely to fall in the next few days.
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