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06.05.2025 05:50 PM
The daily chart shows EUR/USD is trading below the bearish trend channel formed on April 17 under bearish pressure. The euro is below the 1/8 Murray and below the 21 SMA.
Technically, the euro is exhausted. So, the bearish outlook could remain valid as long as ER/USD settles below 1.1370. It could then reach the 200 EMA located at 1.08 in the short term.
On the other hand, if the euro breaks and consolidates above 1.1370 on the daily chart, the outlook could be positive, and we could expect EUR/USD to reach 1.1474 and even reach the psychological level of 1.1500.
The Eagle indicator is showing a negative signal, so we will look for shorting opportunities in the coming days below 1.1370, with targets at 1.1230 and 1.1184. Then, we could even expect a quick plunge towards the psychological level of 1.100.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
