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Early in the American session, EUR/USD was trading around 1.1157 and below 7/8 Murray, showing signs of exhaustion. In case the euro falls below 1.1180, a further decline is expected So, the price could reach 6/8 Murray at 1.11 08 and eventually, the 200 EMA around 1.1052.
The trading plan for the next few hours is to sell the euro below the current highs seen below 1.1183 on the H4 chart, with the target at 5/8 Murray located at 1.1047.
Technically, we see that the euro is approaching an extremely overbought zone as the Eagle indicator is showing a bearish signal. Therefore, the euro could make a strong technical correction in the next few hours or in the next week.
Our trading plan for the next few hours is to sell the euro below 1.1180. The Eagle indicator supports our bearish strategy as it is generating a negative 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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