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Early in the American session, the EUR/USD pair is trading around 1.0901, showing a technical correction after reaching 1.0950, the levels recorded in October 2024.
The chart shows a technical correction. Hence, a technical rebound is expected in the coming hours around the 21 SMA. If a decline occurs, this suggests a buying opportunity with targets at 1.0900 and 1.0986 (+2/8).
On the other hand, if the euro breaks and consolidates below 1.0860, the outlook could be negative. Thus, we could expect a strong technical correction with the first target at 8/8 Murray located at 1.0742. The price could even reach 7/8 Murray around 1.0620.
US inflation data will be released in the coming hours, and negative data is expected, which could put pressure on the euro. Selling pressure could lead to a drop in EUR/USD to 1.0742.
The Eagle Indicator has reached extremely overbought levels. Therefore, as long as the EUR/USD pair trades below its weekly high, it will be seen as a signal to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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