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The euro is trading around 1.1680, after posting a strong upward move over the past 24 hours and breaking above the uptrend channel that has been forming since late July. EUR/USD could reach a strong resistance zone around 1.1718.
If the euro reaches 1.1718 in the coming hours, we could consider this area a strong resistance level for opening short positions, and we expect it to reach the Murray 6/8 level, around 1.1596, in the coming days.
On the other hand, on the H4 chart, we can see that the euro is trading around the Murray 7/8 level, which represents a strong technical reversal; if the price consolidates below 1.1680, it could be interpreted as a clear sell signal. A decline is expected until the Murray 6/8 level, around 1.1596; ultimately, we expect EUR/USD to consolidate around the Murray 5/8 level, at 1.1535.
Given that the euro has reached overbought levels on the daily chart, we could technically sell below 1.1680 with a stop-loss above the Murray 8/8 level, and we believe it could reach 1.1657 and 1.1630 in the coming hours.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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