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The euro is trading around 1.1438, above the 21-day SMA, and is rebounding after reaching 1.1415, a key support level that also coincided with the 61.8% Fibonacci retracement level. This could mean that the EUR/USD pair could continue to rise in the coming days until it reaches the 200 EMA, around the psychological level of 1.15.
From a technical perspective, looking at the H4 chart, we can see that the euro has reached overbought levels and may struggle to continue rising in the coming days; therefore, we could expect consolidation below 1.1442 and a pullback toward 1.1415, or even a drop to the lower band of the uptrend channel, around 1.1401.
Conversely, if bullish momentum prevails and the euro consolidates and reaches the strong resistance at 1.1474 or the upper band of the uptrend channel, around 1.1495, this will be considered an opportunity to open short positions with targets at 1.14 and at the 5/8 Murray level, around 1.1352.
Given that the Eagle indicator has reached extremely overbought levels, we must be very cautious about buying in the coming days; it is better to wait for a technical correction before opening long positions.
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