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The euro is trading at 1.1442, above the 21 SMA, and undergoing a technical correction after reaching the 6/8 Murray zone around 1.1475—a level that also coincided with the upper band of the uptrend channel formed since June 24.
In the coming hours, the euro could see a technical correction toward the 21 SMA at 1.1407. If US data is positive, we could expect EUR/USD to reach the lower band of the uptrend channel around 1.1385.
Given that the trend is bullish and the euro is likely to continue rising in the coming days, a technical rebound around 1.1407 or 1.1385 could be seen as an opportunity to open long positions.
Conversely, if the euro reaches the strong 6/8 Murray resistance level around 1.1475 and fails to consolidate above this zone, it could be seen as an opportunity to open short positions with a target at 1.1400.
The Eagle indicator is reaching overbought levels, so if the euro reaches 1.1474 in the coming hours, or if upward momentum prevails and it reaches the 200 EMA around 1.1513, this will be seen as an opportunity to open short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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