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EUR/USD is trading around 1.1643 under a strong bearish sequence that began on December 22. The instrument is now reaching a low of 1.1639. We are seeing a slight recovery as we await data to be released in the United States in the coming hours.
If the euro reaches the key support around 2/8 Murray located at 1.1596, this could be seen as an opportunity to open long positions, as technically it is oversold and a technical rebound is likely to occur around this area.
On the contrary, if the instrument manages to consolidate above the 3/8 Murray located at 1.1657, there could be a strong recovery of the euro. Therefore, EUR/USD could reach the 200 EMA around 1.1697 and could even reach the 4/8 Murray at 1.1718.
The euro continues to move within the downtrend channel formed since December 22, which means that we could expect a recovery in the coming hours, giving us the opportunity to open long positions.
The Eagle indicator has reached extremely oversold levels around five points, which means that a technical rebound could occur in the coming hours or days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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