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The euro is trading around 1.1512, showing a strong upward trend following the breakout from the downtrend channel that had formed since early May.
The euro managed to break above 1.14 and subsequently consolidated above the 200 EMA and above the strong resistance level of 1.1474, which kept the euro under downward pressure throughout June and most of July.
Now, the euro may struggle to continue rising, as it has technically reached overbought levels. Therefore, we could expect a technical correction in the coming days toward the 6/8 Murray level or toward the upper band of the downtrend channel that was broken around 1.14.
Our trading plan for the coming hours will be to sell the euro below 1.1538 with targets at 1.1474, 1.1434, and around the 21-day SMA.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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