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EUR/USD is trading around 1.1696 under downward pressure after opening this week's session below the 200 EMA and below the 21 SMA, leaving a gap.
The euro could extend its fall in the coming hours until it reaches the bottom of the downtrend channel around 1.1630. This level could give the euro no opportunity for a technical rebound. From there, EUR/USD could reach the 5/8 Murray.
If the euro consolidates above the 4/8 Murray at about 1.1718, we could expect a recovery, and EUR/USD could cover the gap left over the weekend and at the opening of this week around 1.1820.
Technically, the euro is expected to recover some of its losses in the coming days and return to levels of 1.1820 to 1.1840.
At current levels, we can continue to sell the EUR/USD pair with targets at 1.1630. If downward pressure prevails, we could sell with a target at the 3/8 Murray around 1.1596.
A technical rebound above 1.1718 or above 1.1640 could be seen as an opportunity to open long positions with a target at 1.1830, awaiting the closing of the gap.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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