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The euro is trading around 1.1541, below the 200 EMA and below the high reached around 1.1580. On the daily chart, we can see that the euro has encountered strong resistance below the 6/8 Murray level, so we believe there could be a consolidation below this zone over the next few days.
A drop below the 5/8 level could extend the euro's downtrend, potentially reaching the 4/8 Murray level around 1.1472.
A pullback toward 1.1564 could be seen as a clear signal to enter short positions. Alternatively, if bullish momentum prevails, the euro is expected to encounter strong resistance around 1.1596 or 1.16.
The Eagle indicator is showing an overbought signal, which means that the euro could continue its fall in the coming days, so we will look for opportunities to open short positions below 1.1564.
The euro has strong support around 1.1474, as technically, the highs of June 19, June 29, and July 13 have acted as strong resistance levels. We believe that once this level is reached, a technical rebound could occur, which could be considered a buying opportunity.
Our trading plan for the next few hours is to sell the euro from current price levels or wait for a pullback toward the daily resistance zone. Alternatively, if EUR/USD reaches its high of 1.1580, it could form a double-top pattern, which could also be considered a sell signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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