EUR/USD is trading around 1.1572 and below the 200 EMA, retreating after reaching the 7/8 Murray around 1.1596.
Since the beginning of this week, after reaching the psychological level of 1.1500, the euro made a technical rebound to reach 1.1596. A technical correction is expected towards the 21 SMA at 1.1537 in the coming hours. Otherwise, EUR/USD could even fall towards the bottom of the uptrend channel around 1.1510.
On the contrary, if the euro consolidates above the 200 EMA located at 1.1587 and above the 7/8 Murray, it could be seen as an opportunity to open long positions, with targets at the 8/8 Murray located at 1.1718.
The euro could continue its rise in the coming days and is likely to reach the gap left around 1.1740 last month. Once this gap is covered, we could expect a strong technical correction to occur.
The Eagle indicator is showing a positive signal, so any pullback in EUR/USD while the price trades above 6/8 Murray will be seen as an opportunity to open long positions.
