FX.co ★ Trading Signals for EUR/USD on March 13-15, 2024: sell below 1.0947 (4/8 Murray - 21 SMA)

The EUR/USD pair is trading around 1.0924, below the 21 SMA, and below 4/8 Murray. Technically, the euro has been showing signs of exhaustion. In the next few hours, it could likely try to break the strong resistance of 1.0947. If it fails, the price could fall.

If the Euro overcomes this resistance at 1.0950, we could expect it to reach the high of 1.0981. From there, we could expect it to reach 4/8 Murray at 1.0986.

If the euro consolidates above this area, we could expect it to reach the psychological barrier of 1.10. From there, the door will be open to the December 2023 high around 1.1135.

On the contrary, if the euro trades below 1.0950 in the next few hours or days, the outlook could be negative and we could expect EUR/USD to reach 2/8 Murray at 1.0864. The instrument could even reach the bottom of the uptrend channel located at 1.0860 and finally, it could bounce around the 200 EMA located at 1.0852.

If the euro falls below the 21 SMA, we could expect a range move between 1.0933 and 1.0850. If bearish pressure prevails in the euro, and if EUR/USD falls below 1.0850, it could be the beginning of a trend change and it could reach 0/8 Murray at 1.0742 in the short term.

The eagle indicator is giving an overbought signal and 4/8 Murray represents a strong barrier. So, below this area, any technical rebound will be seen as an opportunity to sell.