The euro is trading around 1.1414, below the 21-day simple moving average (SMA) on the daily chart, and is pulling back after encountering strong resistance around the 6/8 Murray level.
Last week, the euro reached a high of 1.1482 and, from that level, has been pulling back to trade below the 21-day simple moving average (SMA). Therefore, we believe the downward pressure could persist, with the first target potentially at the 61.8% Fibonacci retracement level. Ultimately, we expect it to find solid support around 1.1352, near the 5/8 Murray level.
The Eagle indicator on the daily chart is showing a negative signal, so we will look for selling opportunities in the coming days. If the price consolidates below 1.1421, we could expect it to continue falling to 1.1352 and, ultimately, to the June 23 low around 1.1330.
A decisive break above the 6/8 Murray level and consolidation above this zone could trigger a strong upward move for the euro. EUR/USD is expected to reach the 200 EMA, around 1.1578. Therefore, we should keep an eye on the 1.1474 area: above this area, we could buy, and below it, a technical trend reversal could occur.
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