Early in the American session, the euro is trading around 1.12640 within the uptrend channel formed on the H4 chart since May 9 and showing signs of exhaustion.
If the euro continues its bullish cycle, we could expect a break and consolidation above 1.1354, then it could reach the 7/8 Murray level at 1.1475.
Technically, we observe that the euro is overbought, and the chart shows a small secondary downtrend channel, which will be viewed as a selling opportunity in the coming days.
The euro could attempt to recover in the coming hours as we see a small technical rebound. However, it faces strong resistance around 1.1354. Below this area, any technical rebound will be viewed as a selling opportunity, with short-term targets around the psychological level of 1.1000.
A sharp break of the uptrend channel and consolidation below the 6/8 Murray level could confirm the next bearish move and could fill the gap left at 1.1162 and even reach the 5/8 Murray level at 1.0986.
If the euro continues its bullish cycle, we could expect a break and consolidation above 1.1354, then it could reach the 7/8 Murray level at 1.1475.
Technically, we observe that the euro is overbought, and the chart shows a small secondary downtrend channel, which will be viewed as a selling opportunity in the coming days.
The euro could attempt to recover in the coming hours as we see a small technical rebound. However, it faces strong resistance around 1.1354. Below this area, any technical rebound will be viewed as a selling opportunity, with short-term targets around the psychological level of 1.1000.
A sharp break of the uptrend channel and consolidation below the 6/8 Murray level could confirm the next bearish move and could fill the gap left at 1.1162 and even reach the 5/8 Murray level at 1.0986.
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.