Early in the American session, the EUR/USD pair is trading around 1.3056 within the uptrend channel, showing signs of exhaustion.
The euro unsuccessfully attempted to break the weekly resistance of 1.1418 during the European session. However, EUR/USD failed to maintain the bullish force, and we now see a continued decline in the coming hours, only if the price consolidates below 1.1350.
If the euro breaks the uptrend channel, we could expect a drop towards the 200 EMA located at 1.1230 and could even reach the gap it left on May 15 around 1.1145.
If the bullish force prevails, we should only buy if the price consolidates above 1.1350, with targets at 1.1418 and the Murray 7/8 at 1.1474.
The Eagle Indicator is showing overbought signals and a negative signal, suggesting a possible downtrend for the euro in the coming days.
