EUR/USD is trading around 1.1790, approaching the strong monthly resistance level around 1.1800 but still struggling to close the gap left on February 27 around 1.1820.
The euro is expected to continue rising in the coming days and could thus close the gap 100% and even reach the 5/8 Murray level at 1.1840.
However, we are observing signs of exhaustion in the bullish momentum. Therefore, a technical correction will likely occur in the coming days toward the lower band of the uptrend channel formed since early April. At this level, a technical rebound could occur, which could be seen as a signal to resume buying.
Given that the Eagle indicator is showing an overbought condition, we could decide to sell below 1.1840. If the price moves toward this zone or from current price levels, we could sell the euro with targets at the 4/8 Murray level around 1.1718. Additionally, if bearish momentum prevails, the price could break the secondary uptrend channel and reach the 200 EMA around 1.1650.
Our trading plan for the coming hours is to closely monitor the 1.1820 area; if the price reaches this level or even hits the 5/8 Murray level, it will be seen as a signal to take short positions.
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