EUR/USD is trading around 1.1587, below the 200 EMA, and below the 21 SMA under bearish pressure. EUR/USD has attempted to break through 1.1600 on several occasions, but without success.
In the coming hours, we could expect a technical correction, and the euro could reach 1.1542 or even the 6/8 Murray around 1.1474.
If EUR/USD consolidates above 1.1606, we expect it to continue rising. So, the price could reach 1.1718 and could even rise above the gap left at about 1.1740 in September.
A key point to keep in mind is 1.1606. Above this area, the outlook will remain positive, while below this area, the euro could find support around 1.1542 or 1.1474.
The indicator is showing a negative signal, so a technical correction is likely in the coming days.
