The EUR/USD pair is trading around 1.1623, after rebounding from the 200-period exponential moving average (EMA) around 1.1565; this level provided the euro with strong upward momentum.
From a technical perspective, the euro could reach the 61.8% Fibonacci retracement level around 1.1657. This point could be considered an opportunity to open short positions.
If the price falls below the 38.2% Fibonacci retracement level, which is near current levels, and a technical correction occurs below 1.1623 in the coming hours, we could sell, expecting the instrument to find strong support around the Murray 6/8 level and the 21-period simple moving average (SMA), near 1.1596.
The outlook for the euro remains bullish, and a pullback toward the Murray 6/8 level via the 200-period exponential moving average (EMA) could be viewed as an opportunity to re-enter long positions.
If the euro breaks above the 61.8% Fibonacci level, it could quickly reach the Murray 8/8 level around 1.1718.
The Eagle indicator shows a bullish signal, and any pullback—provided EUR/USD settles above the 200-period exponential moving average (EMA)—could be considered an opportunity to continue buying.
