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EUR/USD is trading around 1.1735 with a slight technical correction after reaching its weekly high around 1.1765. Over the last few days, we have mentioned in our articles that the EUR/USD pair had upside potential based on our observation of the gap formed on September 25, which was covered yesterday during the US session.
Technically, the euro is reaching overbought levels, so it is more likely that in the coming days there will be a technical correction towards the key 3/8 Murray support around 1.1657.
According to the H4 chart, we can see that the euro has been testing the uptrend channel and is likely to fall in the coming days to reach the bottom of this channel around 1.1672.
A sharp break below the trend channel could change the scenario for the euro, and we could expect it to reach 0/8 Murray around 1.1474, which could even fall further.
Our trading plan for the next few hours is to sell the euro in case of a pullback towards 1.1765. Even if the price reaches the 5/8 Murray, it could also be seen as a signal to open short positions with targets at 1.1657 and finally at the 2/8 Murray at 1.1596.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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