Early in the American session, the EUR/USD pair is trading around 1.1189, within the bullish trend channel forming since September 13th and showing exhaustion of bullish strength as EUR/USD has found a strong resistance around 1.12 during the last few sessions.
In case the euro tries to overcome the strong resistance at 1.1012, we could expect it to continue rising until it reaches 8/8 Murray located at 1.1230. However, this area represents a strong resistance. Hence, a technical correction could occur below it.
Since the Euro has strong resistance around 1.1208, we could look for selling opportunities below this area with targets at 7/8 Murray located at 1.1169 and finally at the bottom of the uptrend channel around 1.1158.
The eagle indicator has been oscillating below a bearish trend channel since September 20th. If it fails to break through this channel, the euro could resume its bearish movement, which could be seen as a signal to continue selling EUR/USD.
