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EUR/USD is falling from 1.1184, high of March 31, in anticipation of important economic data from the US. The pair fell to 1.1035 in the European session, currently trading at 1.1053.
The lack of news on the political scene along with the lack of progress in the peace talks between Russia and Ukraine has given some extra momentum to the US dollar and gold.
EUR/USD is trading within a downtrend channel and above a descending channel which is forming a falling wedge pattern. This pattern could be a signal for a bullish move only if the Euro breaks the 200 EMA and the 21 SMA located at 1.1060.
The break of the falling wedge pattern could give the euro a strong move and it could resume its upward movement and could reach 1.1108 on 3/8 Murray and 1.12 30 on 4/8 Murray.
According to the 1-hour chart, the eagle indicator has reached the oversold zone, which is a sign that in the next few hours or days the euro could make an upward movement. For this, we must wait for a confirmation above 1.1060.
On the contrary, as long as it remains trading below 1.1055, the euro is likely to continue its downward trend and could reach 2/8 Murray located at 1.0986.
According to the technical pattern that we can see in the chart above, our trading plan will be to buy above the 21 SMA located at 1.1060, with targets at 1.1108 and 1.1230. The eagle indicator supports our bullish strategy.
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