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Early in the American session, EUR/USD is trading around 1.0846, below +1/8 Murray, above the 21 SMA, and above the 200 EMA with a bullish bias but showing signs of exhaustion.
A few hours ago, the euro hit the weekly high at around 1.0871 above +1/8 Murray. This move represents a strong technical reversal.
In the next few hours, the employment data for February will be published. The NFPs are expected to be positive for the United States. This could put pressure on the euro and end up in profit-taking by the bulls, thus enabling a technical correction.
If the data is negative for the US dollar, the euro is expected to reach the strong resistance +2/8 Murray located at 1.0986. This could be seen as a point for a strong technical correction.
The eagle indicator has reached the extremely overbought zone of around 95 points. Therefore, there will be a fall towards the 21 SMA located at 1.0707 in the next few days. The instrument could even reach 7/8 Murray 1.0620.
EUR/USD is expected to return to 1.0376 in the next few weeks since it left a GAP in this area. The instrument is expected to cover it since technically, when these situations occur, the price of the asset returns to those levels to cover it.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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