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The euro is trading around 1.1220, above the 21-day SMA, and showing a positive bias, although signs of exhaustion in the upward momentum are emerging.
Looking at the H4 chart, since the opening of this week's session—after gapping down from Friday's closing price—the euro fell to the -1/8 Murray zone around 1.1170 and has since been rebounding but has struggled to consolidate above the 0/8 Murray level.
Given that the euro is in a zone of bearish pressure, a pullback toward 1.1240 to close the gap could signal a resumption of its downtrend, potentially reaching 1.1169 or even returning to the -2/8 Murray zone around 1.1108.
Conversely, if the euro breaks decisively above 1.1240 and consolidates above the downtrend channel, we could expect a strong rally toward the 200 EMA around 1.1339; ultimately, we believe the euro could encounter strong resistance around 1.1352.
On the H4 chart, we can see that the Eagle indicator has reached overbought levels; technically, this zone could be viewed as the level for a technical correction in the coming days. If the euro remains below the 0/8 Murray level at 1.1230, the outlook could remain negative, and this will be seen as an opportunity to sell.
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