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The euro is trading around 1.1711, below the 4/8 Murray level, with a positive bias, consolidating around this zone, awaiting a decisive breakout to continue its upward trend.
The euro has tested the strong resistance of the 4/8 Murray level on three occasions and is expected to consolidate above this zone in the coming days. EUR/USD could then continue rising to reach the 4/8 Murray level and the 5/8 Murray level around 1.1840.
The odds are high that EUR/USD will continue its upward movement in the coming days, as it is currently above 1.1610, where the 200 EMA is located, and above the 21 SMA, suggesting bullish potential.
The Eagle indicator has reached overbought levels and is showing negative signals. Therefore, we should allow for a technical correction in the coming days towards the 21 SMA or the 200 EMA, before EUR/USD resumes its upward cycle.
A consolidation above 1.1718 could be a positive sign, and we could buy with targets at 1.1813, the gap left on February 27th, and finally at the 5/8 Murray.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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