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Early in the American session, the EUR/USD pair was trading around 1.0895, above the 21 SMA, and above the 8/8 Murray, with a bullish bias. The euro is expected to reach strong resistance levels around 1.0986 in the coming days. EUR/USD could even climb to the psychological level of 1.1000.
Strong volatility is expected in the markets this week as several central banks around the world are due to announce their interest rate decisions. These events could affect the strength of the euro, or, on the contrary, could favor an upward movement during which EUR/USD could approach the key level of 1.10.
Should the euro fall below the 21st SMA at 1.0875, we could expect a further bearish movement, potentially reaching the Murray 8/8 at 1.0742 and even the 200 EMA around 1.0607.
The Eagle indicator is showing negative signals. Thus, a strong bearish correction is expected in the coming days, sending the price down to at least 1.0750.
We should pay attention to the key level at 1.0865. Below this level, the outlook for the euro is negative. Above this level, the euro's price is expected to continue rising in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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