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The euro is trading around 1.1563, below the 21-day SMA and below the 3/8 Murray line, and within the downtrend channel that has been forming since early March.
The euro is expected to continue falling in the coming days; however, it may attempt to break through the top of the downtrend channel again and consolidate above the 200 EMA. Still, the technical chart shows that bullish momentum is waning.
Should a pullback occur in the coming hours toward the 200 EMA or around 1.1620, it will be seen as a signal to sell, with short-term targets around the 2/8 Murray level at 1.1474. The EUR/USD pair could even reach the bottom of the uptrend channel around 1.1370.
Given that the Eagle indicator is reaching overbought levels, the euro is expected to undergo a technical correction in the coming days. As long as EUR/USD trades below 1.1637, it will be seen as a signal to continue selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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