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EUR/USD is trading around 1.1786, rebounding after reaching the 200 EMA around 1.1764. On the H4 chart, we can see consolidation around 1.1785 since early February. This area could be seen as a key level for the euro to recover in the coming days.
On the H4 chart, we can see that the euro has got stuck within a downtrend channel formed since January 28, and a break below the 200 EMA located at 1.1764 could favor a continuation of the downward movement. EUR/USD could reach the 4/8 Murray at 1.1718 and even the bottom of the downtrend channel around 1.1670.
Conversely, a break and consolidation above 1.1805 could be seen as a clear signal to buy with targets at 1.1840 and even at 1.1962 around the 6/8 Murray
The Eagle indicator has reached oversold levels. Therefore, a recovery of the euro is likely to occur in the coming days. We should wait for confirmation above 1.1800 to buy or wait for a technical rebound around the 4/8 Murray to open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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