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07.02.2024 03:57 PM
EUR/USD is trading around 1.0771, above the 21 SMA, and above 0/8 Murray. We can see that the euro started a technical rebound after having formed a double-bottom pattern. EUR/USD is likely to continue rising in the next hour until reaching 1.0803 and finally, it could reach the 200 EMA located at 1.0864.
In case EUR/USD makes a technical correction, it is expected to consolidate around 0/8 Murray located at 1.0742 which could offer a good opportunity to resume buy orders and the euro could continue with its bullish cycle.
Since February 5, the eagle indicator has been giving a positive signal. So, our strategy will be to continue buying the euro as long as it consolidates above 1.0722.
According to the market sentiment report, 62.20% of traders are buying the euro. This statistic could mean that the euro still has a strong technical correction and the downward pressure could intensify as EUR/USD approaches resistance levels. In case the instrument reaches resistance around 1.0803 or 1.0840, it could resume its bearish cycle.
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