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The euro is trading around 1.1527, below the 200 EMA, and showing a positive bias, although according to the daily chart, it has reached overbought levels.
The euro may struggle to continue rising above 1.1564, as technically, the resistance at the 200 EMA could act as a barrier, and we could expect a technical correction to occur over the next few days below this zone.
Therefore, we could look for opportunities to sell the euro below 1.1564 or below the 5/8 Murray level around 1.1535, with targets at the 4/8 Murray level around 1.1474. Ultimately, we expect ER/USD to reach the 21 SMA around 1.1435.
Given that the euro is under downward pressure below 1.1564, any technical rebound in the coming days could be viewed as an opportunity to sell. Alternatively, should there be a pullback toward the 6/8 Murray level around 1.1574, this will be seen as an opportunity to sell, with targets at 1.1400, around the 3/8 Murray level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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