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The EUR/USD pair reached the psychological level of 1.1529. From that point, it is undergoing a technical rebound and is now consolidating around the 3/8 Murray. It means that we could expect a recovery in the coming days.
If the EUR/USD pair consolidates above 1.1596 in the coming hours, where the 3/8 Murray is located, it could be seen as an opportunity to open long positions with a target at the 4/8 Murray. Besides, the euro is expected to fill the gap it left at around 1.1827.
If the euro returns to weekly support levels around 1.1529, it could even reach the psychological level of 1.1500, which could be seen as an area to open long positions.
The Eagle indicator is reaching oversold levels, so the euro is expected to continue rebounding in the coming days. Therefore, any pullback in the euro while trading above 1.1500 will be seen as a signal to continue buying.
A consolidation above the 4/8 Murray could favor a stable recovery of the euro, and we could expect EUR/USD to reach the 5/8 Murray at 1.1840. With this move, the euro could also cover the gap left at the beginning of the week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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