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Early in the American session, the EUR/USD pair is trading below the 21SMA, below +1/8 Murray, showing a technical correction after forming a double top pattern around 1.0960.
The euro could continue its fall in the coming hours as it is technically overbought. The eagle indicator is showing a bearish signal, so any pullback while the euro trades below 1.0900 will be seen as an opportunity to sell.
The US dollar strengthened due to comments from the Federal Reserve Chairman. This is putting pressure on the euro.
At the same time, fears about economic growth in the Eurozone are also playing a role against the euro, as this could force the ECB to further reduce interest rates, which could lead to a fall in the euro.
Technically, the euro left a gap around 1.0365 on February 27. Hence, we believe the euro could return to these levels in the coming days or weeks, which would give us an advantage to sell below the psychological level of 1.10.
Our trading plan for the next few hours is to sell the euro below 1.0864, or, in the event of a technical rebound below 1.0906, with targets at 8/8 Murray located at 1.0742.
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