The euro is trading around 1.1555, having reached its high on July 31. As we can see on the H4 chart, recent trading shows that the upward momentum is waning.

We expect the euro to fall below 1.1553 in the coming hours as it is approaching resistance levels. If we switch to the daily chart, we can see that the 200-day moving average is around 1.1579 and is acting as a strong barrier; below this zone, the euro is likely to undergo a technical correction in the coming days.

Should the euro decisively break out of the uptrend channel formed since July 28, we could expect a correction toward the 21 SMA at 1.1531, and EUR/USD could ultimately reach the 6/8 Murray level around 1.1474.

If the upward momentum prevails and the euro continues to rise, we could expect it to reach the 7/8 Murray level around 1.1596; this level represents strong resistance and could be considered an opportunity to enter short positions below this zone.

The Eagle indicator has reached an overbought level, so we will look for opportunities to sell below 1.1570 or 1.1596 in the coming days, with targets at the 200-day moving average around 1.1460.