After forming a triple top pattern on the H1 chart, the euro underwent a technical correction, falling below 1.1801 and below the 21 SMA. This suggests that in the coming days, the EUR/USD pair may continue to decline until it reaches the 4/8 Murray level around 1.1718.
The euro is under strong downward pressure after reaching the overbought zone according to the H1 chart. On the chart, we can see a technical correction, and EUR/USD will continue its fall in the coming days until it reaches the 200 EMA, located at 1.1743 and 1.1718.
If the euro resumes its upward cycle, we should expect it to consolidate above the 21 SMA located at 1.1787. In turn, a break above 1.1801 could change the outlook for the euro, and we could expect it to reach 6/8 Murray around 1.1840.
According to the Eagle indicator, the euro is showing a negative signal, so any technical rebound while the price trades below 1.1800 will be seen as a clear signal to sell with medium-term targets around the psychological level of 1.1500.
