Early in the American session, the euro is trading around 1.1331 and is experiencing a strong technical rebound after reaching the 4/8 Murray level at 1.1230.
The euro could rise in the coming hours, but it faces strong resistance around 1.1352. This level could provide a key opportunity to resume selling.
If the euro falls below the 21SMA at 1.1326 or below the 5/8 Murray level, we could expect a technical correction and could reach the 4/8 Murray level at 1.1240 and even fill the gap it left around 1.1168.
The eagle indicator is showing a negative signal; however, we could expect a recovery in the euro in the coming hours, before it could fall again.
