Early in the European session, the euro is trading around 1.1440, undergoing a technical correction after reaching the psychological level of 1.15.
The US Non-Farm Payrolls data will be released in the American session, and strong volatility will hit the market. If the market reacts favorably to the US dollar, it could continue to pressure the EUR/USD pair.
On the other hand, if the data comes out negative for the US dollar, we could expect the euro to recover and could reach the 7/8 Murray level at 1.1596.
The eagle indicator is showing a negative signal, so we believe that if the euro falls below the 6/8 Murray level in the coming hours, it will be seen as an opportunity to sell, with targets at the 200 EMA around 1.1290.
In the past, 1.1470 has acted as strong resistance, so we believe a technical correction could occur below this area this time. Therefore, we should be alert to see if the price consolidates below this level in order to sell.
