Trading Signals for EUR/USD for June 5-8, 2024: buy above 1.0864 (21 SMA - 6/8 Murray)

Early in the American session, the Euro (EUR/USD) is trading around 1.0864, above the 6/8 Murray, and within the uptrend channel forming on the H4 chart since May 14.

The EUR/USD pair is showing signs of exhaustion. In case there is a pullback towards the 1.0900 area, it will be seen as an opportunity to sell with the target of 1.0864.

On the other hand, in case there is a sharp break below the 21 SMA located at 1.0868 and a consolidation below 1.0864 on the H4 chart, the outlook could be negative. So, the euro could reach 200 EMA located at 1.0814 and could even reach the bottom of the uptrend channel around 1.0800.

Market sentiment shows that there are 57.43% of traders who are selling the EUR/USD pair. This could be a negative signal for the euro in the coming days, but before that we could expect a bullish rebound.

If the euro consolidates above 1.0864 in the next few hours, we can buy with the target at 7/8 Murray located at 1.0925.

Since May 13, the eagle indicator has been showing a negative divergence. Therefore, we reckon that as long as EUR/USD trades below 1.0900, it will be seen as an opportunity to sell.

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