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EUR/USD is trading around 1.1644, below 3/8 Murray, and around 21 SMA. If the euro pulls back towards the 3/8 Murray or 1.1670 in the coming hours, it could be seen as an opportunity to resume selling.
If the euro rises in the coming hours and tests the strong daily resistance at 1.1670, it could be a good time to enter short positions with a target at the 200 EMA at 1.1600.
On the H4 chart, we can see that EUR/USD is in a downtrend channel, which could be confirmed if a pullback towards 1.1670 occurs, resuming its downtrend.
The Eagle indicator is showing overbought signs. So, we believe that in case of a sharp break in the bullish trend channel, EUR/USD could gain downward momentum and reach 2/8 Murray at 1.1596 and finally the 0/8 Murray at 1.1475.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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