26.02.202416:35 Forex Analysis & Reviews: Trading Signals for EUR/USD on February 26-28, 2024: sell below 1.0864 (2/8 Murray - overbought)

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Early in the American session, the EUR/USD pair is trading around 1.0865, above the 200 EMA, above the 21 SMA, and with a bullish bias after the technical bounce during the European session, but now it could show signs of exhaustion.

The euro has strong resistance around 2/8 Murray located at 1.0864. It is likely that if it tries to break this area, it could encounter strong rejection and could make a technical correction.

In case the euro makes a technical correction below 1.0664, we could expect it to reach the bottom of the bullish trend channel formed since February 13 around 1.0823.

If the bearish pressure intensifies and the euro breaks the bullish trend channel and trades below the 200 EMA at 1.0820, we could expect there to be a change in the trend and a bearish acceleration. As a result, EUR/USD could reach 0/8 Murray at 1.0742 and finally, -1/8 Murray around 1.0681.

The eagle indicator reached the extremely overbought zone. So, a technical correction will occur in the next few hours provided that the euro consolidates below 2/8 Murray. Then, the signal could be clear to sell with targets at 1.0825 and 1.0742.

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