FX.co ★ Trading Signals for EUR/USD for August 15-19, 2024: buy above 1.0986 ( 21 SMA - 4/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.0986 and above 4/8, making a technical correction after having reached a high at 1.1047 yesterday.

EUR/USD could bounce above 1.0986 and reach 1.1047 again, which could be seen as an opportunity to sell. Technically, the instrument is strongly overbought and the eagle indicator is showing a negative signal.

If the euro falls below 4/8 Murray and consolidates below 1.0980 in the next few hours, we could look for an opportunity to sell as the price could technically reach the bottom of the bullish trend channel with targets at about 1.0950 and 1.0925 (3/8 Murray).

As long as EUR/USD remains within the bullish channel and in the case of any technical bounce above 1.0925, the outlook will remain positive and we could plan long positios above 1.0986 or around 1.0950.