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EUR/USD is trading around 1.0647, below the 21 SMA, and within the bearish channel forming on the H1 chart since April 10. On Friday, the euro hit the low around -2/8 Murray at 1.0620. This is an extremely oversold area, providing traders with an opportunity to buy.
If the euro continues to bounce above 1.0620 in the next few days, EUR/USD could reach the 200 EMA located at 1.0770.
In case there is a pullback in the EUR/USD pair around 1.0620 in the next few hours, this could be seen as an opportunity to buy with targets at 1.0681, 1.0742, and 200 EMA (1.0770).
On the other hand, a sharp break above the downtrend channel and a consolidation above 1.0652 on the H1 chart will be seen as a signal to buy over the next few days.
The market sentiment report shows that there are 73.02% of traders who are buying the euro. This statistic shows that the euro could make a technical rebound in the coming days. When it approaches the 1.0770 area, we could look for opportunities to sell.
The eagle indicator reached the oversold zone on April 12. Now, the indicator is giving a positive signal. So, we believe that as long as EUR/USD trades above 1.0620- 1.0630, it will be seen as a signal to buy. Below 1.0620, we should avoid buying as it could accelerate the decline of the euro towards the psychological level of 1.05.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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