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EUR/USD is trading around 1.1719, retreating after reaching a high of around 1.1768. The euro has reached overbought levels and is showing signs of exhaustion, so a technical correction is likely in the coming days.
After a strong break above the downtrend channel formed since December 2025, the euro managed to consolidate above the 200 EMA. As a result, EUR/USD notched a monthly high around 1.1770.
If the euro resumes its upward cycle in the coming hours, we could expect it to continue rising, but only if it consolidates above the 8/8 Murray located at 1.1718.
The Eagle indicator is showing a negative signal. So, a strong technical correction will likely occur in the coming hours, and EUR/USD could reach 1.1676 around the 21 SMA located at 1.1634.
The euro could fall in the coming days towards 5/8 Murray located at 1.1535, as this technical rebound could be the start of a new bearish cycle.
Our trading plan for the coming hours is to sell below 1.1743 with targets at 1.1676 and 1.1653.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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