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The euro is trading around 1.1207, pulling back after having attempted on several occasions since October 14 to break above the downtrend channel that has been forming since early October.
Since the European session, the EUR/USD pair has entered a strong downtrend, falling below the 0/8 Murray level and below the 21-period moving average. Therefore, we believe the pair could face downward pressure in the coming days, and a return to the 1.1108 level is expected. If the downward momentum persists, the euro could even fall toward the psychological level of 1.10.
On the H4 chart, we can see that the euro is overbought, and technically, the 1.1250 area represents strong resistance; therefore, if a pullback occurs toward 1.1235 or 1.1250, it could be interpreted as a signal to open short positions.
The Eagle indicator has reached the 95-point zone, suggesting that the euro could fall in the coming days. Therefore, we will look for an opportunity to open short positions. If the price consolidates below the Murray 0/8 level, it will be interpreted as a signal to sell down to the lower band of the bearish channel, at 1.11.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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