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EUR/USD is currently trading around 1.1520 and, after several attempts to break above the 200-period exponential moving average (EMA), is now undergoing a sharp technical correction. The instrument is currently trading below the 200-period EMA and the Murray 5/8 level, with a bearish signal.
If EUR/USD reaches the Murray 5/8 level, around 1.1535 in the coming hours, this zone could be considered an opportunity to open short positions. We expect it to reach 1.1482 or the Murray 4/8 level, around 1.1474, in the coming days.
Our outlook remains bearish as long as the euro trades within this zone, as it has proven to be a solid barrier since early August. EUR/USD will likely experience a technical correction toward the 61.8% Fibonacci level in the coming days.
The euro has strong support around 1.1474; this zone could offer an opportunity to open long positions, with the expectation that the instrument will return to the 1.1563 zone or even reach the Murray 6/8 level, around 1.1596.
The Eagle indicator is showing a negative signal, so we will look for opportunities to open short positions as long as the instrument remains below the 200-day EMA; even if a pullback occurs toward the Murray 6/8 level, this could also be considered a selling opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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