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EUR/USD is trading around 1.1541, pulling back after reaching a high of 1.1561. On the daily chart, this level aligns with the 200 EMA, making it a strong resistance level. On the H4 chart, we can see that the euro has encountered strong daily (D_1) resistance, so below this level, we could expect it to continue falling in the coming days.
On the H4 chart, we can see that the euro is trading below the 21 SMA, which suggests that we could expect it to reach the 200 EMA around 1.1483 in the coming days or potentially reach the 6/8 Murray level around 1.1474.
The outlook for the euro will remain negative, as a move below 1.1470 could be seen as a selling opportunity.
The Eagle indicator is showing a bearish signal, and we believe the euro could find solid support around 1.1474 in the coming days; this area could be considered a buying opportunity.
A drop below the 6/8 Murray level could change the euro's outlook, and it could quickly reach 1.1352—around the 5/8 Murray level—but there is a chance it will continue to rise in the coming days, so we believe the 6/8 Murray zone will provide solid support for the euro.
Our outlook will be bearish for the next few hours, as below 1.1560 we can sell with the first target at 1.1530, 1.1513, and 1.1483.
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