The EUR/USD pair is trading around 1.1613, reaching the strong resistance at the 200 EMA and approaching the top of the uptrend channel around 1.1645.
Following a sharp technical correction toward the 1.1435 area, the euro found strong support and rebounded above the 2/8 Murray line. The euro managed to recover above the psychological level of 1.15 and is now approaching resistance levels, so a technical correction is expected in the coming days.
Given that the euro is approaching the 200 EMA zone, which also acts as resistance, we will look for opportunities to sell below this area. Alternatively, if EUR/USD continues to rise, we could expect it to reach 1.1640; around this zone, we could sell since it is located at the upper band of the uptrend channel, which also exerts downward pressure.
In the coming days, the euro is expected to fall toward the 21 SMA, located at 1.1522, and could even reach the 2/8 Murray support level around 1.1474.
If the euro breaks above 1.1660 and consolidates above this zone, it could be seen as a positive signal, and EUR/USD could reach the 4/8 Murray level around 1.1718, and finally could fill the gap left around 1.1820.
