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Early in the American session, the EUR/USD pair is trading around 1.1066 below the 21 SMA and below 2/8 Murray (1.0986). We can see on the 4-hour chart that the Euro has broken out of the uptrend channel formed since April 7 and is likely to continue falling and may reach 1/8 Murray located at 1.0864.
EUR/USD reached a one-year high, last seen in March 2022, around 1.1095. Since then, it left the formation of a pin bar candlestick which is a clear sign that there could be a technical correction in the coming days.
Given that the Euro is showing signs of a technical correction, we could expect a pullback towards the 1.1020 zone which coincides with the 21 SMA. In case the instrument fails to break above this level, it will be seen as an opportunity to sell with targets at 1.0935 and 1.0864 (1/8 Murray).
The chart shows that EUR/USD could make a technical correction in the coming days because it is showing overbought signs. In the scenario that the bullish force prevails, we could expect a daily consolidation above 1.1060, then the Euro could reach 1.1108 (3/8 Murray) and finally, 4/8 Murray at 1.1230.
The eagle indicator is showing a negative signal. Therefore, any technical bounce has been seen as an opportunity to sell. The key will be to watch the 1.1040 zone. The move below this level could put strong downward pressure and the euro could continue to fall in the coming days.
Our trading plan for the next few hours is to wait for the Euro to bounce towards 1.1020 (21 SMA). So, it could be a signal to sell with targets at 1.0960 and 1.0898 (200 EMA).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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