EUR/USD is trading around 1.1545, rebounding after reaching the psychological level of 1.1500. A technical correction will likely follow in the coming hours towards the 21 SMA located at 1.1527. EUR/USD could continue its rise in the coming days until it reaches 7/8 Murray at 1.1591.
If downward pressure prevails in the coming hours and the euro falls below 1.1500, we could expect it to reach 6/8 Murray at 1.1474.
On the contrary, if the euro consolidates above 1.1527, it could be seen as a positive sign, and we could buy with targets at 1.1596 and at the 8/8 Murray located at 1.1718.
The outlook remains positive. So, in the short term, we expect the euro to reach the strong resistance at 1.1591, where the 200 EMA is located. Once this level is broken, it could be seen as a clearer signal to continue rising, and we expect EUR/USD to reach and cover the gap left around 1.1740.
The Eagle indicator is giving a positive signal, so any pullback, as long as the price trades above 1.1474, will be seen as a signal to open long positions.
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