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During the European session, the euro reached a new high around +2/8 Murray, located at 1.1473. This movement in EUR/USD occurred after the announcement by China's Ministry of Finance that Beijing would raise tariffs on imports from the United States from 84% to 125%.
Technically, the euro could undergo a correction in the coming hours, as it is reaching extremely overbought levels according to the eagle indicator. Therefore, we will look for selling opportunities in the event of a pullback toward 1.1390 or 1.1450. Both levels could serve as selling opportunities.
The technical outlook remains bearish in the medium term since the euro left a GAP around 1.0362. This means that EUR/USD could continue its fall in the coming weeks until this level is reached.
The +2/8 Murray at 1.1474 represents strong resistance. Thus, if the instrument attempts to break out and fails to surpass resistance in the coming days, it will be seen as a selling signal.
The eagle indicator is giving a negative signal, so any technical rebound in the coming hours will be seen as a selling opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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