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Early in the American session, the EUR/USD pair is trading around 1.1327, showing fading bullish strength. Having reached the top of the uptrend channel, EUR/USD is going through a technical correction.
The euro has been in the uptrend channel forming since May 9 and is practically approaching overbought levels. Therefore, we could wait for the instrument to continue consolidating below 1.1370.
The euro could undergo a strong technical correction towards 1.1200 and could even fill the gap it left at 1.1155.
Meanwhile, we will look for opportunities to sell below 1.1370, with targets at 1.1298, 1.1243, and finally at 1.1205, where the bottom of the uptrend channel is located.
The eagle indicator has reached the overbought zone. So, we believe a technical correction could be seen in the coming days, potentially reaching the 6/8 Murray level at 1.1230.
Conversely, if the euro continues to rise, we can expect a further bullish advance only if the price consolidates above 1.1370 and could reach the 7/8 Murray level at 1.1474.
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