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The euro is trading around 1.1797, above the 21-day SMA, consolidating between 1.1770 and 1.18, indicating a possible continuation of the uptrend, though technically, signs of exhaustion are evident.
If the euro remains above 1.1790 in the coming hours, we can expect EUR/USD to continue rising and potentially reach the 5/8 Murray level around 1.1840. The instrument could even reach the upper band of the uptrend channel around 1.1868.
According to the H4 chart, the Eagle indicator is reaching overbought levels, so a technical correction is expected in the coming days, and we could see a drop toward the 4/8 Murray level at 1.1718.
If the euro reaches the resistance levels of 1.1820 or 1.1840, both levels could be considered a zone to open short positions, as technically, EUR/USD has approached overbought levels. So, we could expect a technical correction below this zone.
A break and consolidation below the uptrend channel would effectively signal the end of the uptrend, thus, we could expect the euro to reach the 2/8 Murray level at 1.1474 in the short term. EUR/USD could even sink to the levels of 1.13 or 1.12.
Our trading plan for the coming hours is to sell the euro below 1.1840. The Eagle indicator supports our bearish strategy.
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