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The euro has reached the 200-day EMA around 1.1645 and is showing signs of exhaustion in its upward momentum. A technical correction is expected in the coming days toward the 2/8 Murray channel around 1.1475.
Recent trading in the euro shows that it has encountered strong resistance levels and is struggling to continue rising; therefore, we believe a technical correction toward the 1.1474 area could occur. This level could offer an opportunity to resume its bullish cycle and open long positions.
If the upward momentum prevails and the euro consolidates above 1.1645, this could be seen as an opportunity to open long positions with targets at the 4/8 Murray level around 1.1718. Ultimately, we expect EUR/USD to reach the zone where it left a gap in February, around 1.1840.
The Eagle indicator has reached overbought levels, so we should exercise caution, as the euro could experience a technical correction in the coming days before resuming its uptrend.
The trading plan for the coming hours is to sell the euro below 1.1645, with targets at 1.1564 and 1.1474. The Eagle indicator supports our bearish strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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