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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.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
