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The EUR/USD pair is trading around 1.1539 with a bearish bias and is likely to continue falling in the coming days, potentially reaching the -2/8 Murray level around 1.1450 and even the lower band of the descending trend channel around 1.1430.
Given the euro's negative signal, at current price levels, we can look for selling opportunities with targets at the -2/8 Murray level. If this level is broken, we could continue selling with targets at 1.1430.
Conversely, if the euro consolidates above the 21 SMA or around 1.1591, we could expect a sharp break of the descending trend channel, which could change the outlook and lead to the euro returning to the 1.1840 level.
Since the euro is under bearish pressure, a pullback towards the -1/8 Murray level or the 21 SMA would be seen as a sell signal in the coming hours.
The eagle indicator is showing a negative signal, so we will continue selling until the price reaches significant support levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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