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EUR/USD traded around 1.1740 below the 21 SMA and above 4/8 Murray. The euro is expected to continue falling in the coming hours until it reaches support around 1.1718, at which point it could have a technical rebound.
If the downward pressure prevails, we could expect the euro to reach the bottom of the uptrend channel around 1.1670, and it could even reach the 200 EMA around 1.1638.
The euro could gain ground if it reaches and consolidates above the 21 SMA located at 1.1748. We could then expect EUR/USD to reach 5/8 Murray at 1.1779 and finally return to the psychological level of 1.1800.
The Eagle indicator is showing negative signals, so any technical rebound could be seen as an opportunity to open short positions for the coming days, waiting for EUR/USD to reach the key level of 1.1600.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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