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The euro is trading around 1.1633, below the 21-day SMA and the 200-day EMA, showing downward pressure but moving within an uptrend channel since May 21.
The euro is overbought; we could expect it to continue falling in the coming hours until buying pressure eases somewhat, after which it may resume its uptrend.
If the euro reaches the lower band of the uptrend channel around 1.1620 and rebounds above this zone, it could be seen as an opportunity to resume buying, with targets at the 200 EMA around 1.1665 and potentially reaching the 4/8 Murray level around 1.1718.
If the euro breaks decisively below 1.1620 and consolidates below this zone, it could continue falling to reach the 3/8 Murray level around 1.1596 and could even reach the psychological level of 1.1500.
The Eagle indicator is showing a negative signal, so at current price levels we will sell below 1.1643, with targets at 1.1620. In this zone, we must remain vigilant; if the price breaks the bullish channel, we can continue selling; otherwise, we could expect a technical rebound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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