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Early in the American session, the EUR/USD pair was trading around 1.0437, below the strong resistance located at 1.0460, and above the 21 SMA.
On the H4 chart, we can see that the euro found a rejection around the weekly resistance and is falling. It is likely that if it consolidates below 1.0460 in the next few hours, it could continue its fall and reach 1.0416 and even the low of December 17 around 1.0340.
Our outlook is bearish for the euro as there is strong bearish pressure below 1.0498 and we could look for opportunities to sell in the next few hours with the target at 1.0340.
On the other hand, if the euro consolidates above 1.0500, the outlook could be positive and EUR/USD could reach 3/8 of Murray at 1.0620 or the 200 EMA located at 1.0523.
The eagle indicator is showing a positive signal, but we believe that a technical correction could follow since the instrument is overbought on the H1 chart. Hence, a drop is likely to occur in the next few hours.
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