After 47 days, the EUR/USD pair finally closed the gap left on February 27, demonstrating that technical analysis also has targets to be met. From the 1.14 level, a new upward move began, reaching a high around 1.1827.
The euro had left a gap in February around 1.1813, which was completely filled yesterday during the US session. A technical correction is now expected toward the lower band of the uptrend channel located at 1.1645.
If the euro finds solid support above the 21 SMA at 1.1778, this area could present a buying opportunity with targets at the 5/8 Murray level around 1.1840.
Given that the Eagle indicator has reached overbought levels, should a pullback occur toward the 5/8 Murray level, this could be considered an opportunity to open short positions, with targets at the 4/8 Murray level at 1.1718 and finally at the lower band of the uptrend channel.
Technically, the euro could consolidate below 1.1840 over the next few days. Therefore, we will look for signals to continue selling EUR/USD as there is strong downward pressure.
