The euro is trading around 1.1618, above the 200 EMA and above the 6/8 Murray, recovering some of the previous day's losses but showing signs of exhaustion.
If the euro continues to rise in the coming hours, it could face strong resistance around the 7/8 Murray level, located at 1.1657.
This area has served as a strong barrier for the euro in the past. It is likely that if the euro reaches these levels, it will be seen as an opportunity to sell.
On the other hand, a sharp break below the 200 EMA, located at 1.1610, and a consolidation below 1.1596 on the H4 chart could signal a bearish acceleration. So, we can expect EUR/USD to reach the 4/8 Murray level at 1.1474.
The eagle indicator is signaling overbought conditions. Hence, the euro is likely to undergo a strong technical correction in the coming days.
Key resistance levels are located at 1.1647, 1.1657, 1.1718, and finally, 1.1779. Immediate support levels are 1.1610, 1.1596, 1.1535, and 1.1474.
