Early in the American session, the EUR/USD pair is trading around 1.0458 going through a slight technical correction.

Since the euro reached the top of the uptrend channel around 1.0513, it has been making a technical correction. Bow the price is located below 6/8 Murray and below the 21 SMA which suggests that the technical correction could continue in the coming days.

The eagle indicator, after having reached the overbought zone, is giving a bearish signal, which means that we could expect the euro to fall in the next few days until it reaches the 200 EMA located at 1.0401. EUR/USD could even reach 1.0376.

Key support is found at 5/8 Murray located at 1.0376. This level coincides with the bottom of the bullish trend channel whose break could trigger a strong correction in EUR/USD. The instrument could reach 2/8 Murray located at 1.0253.

A consolidation above 1.0480 could change the direction of the Euro and it could reach the psychological level of 1.05 and even surpass its monthly high and reach the 1.0620 area where 7/8 Murray is located.

We should pay attention to the level of 1.0470. Once the price settles below, the outlook will continue to be negative and could be seen as a signal to sell in the coming days.