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The euro is trading around 1.1531, rebounding after reaching the psychological low of 1.15. EUR/USD is bouncing around this area and is likely to continue rising in the coming days, reaching either the 7/8 Murray level around 1.1596 or the upper band of the descending trend channel at 1.1615.
If the euro continues to fall in the next few hours, we could expect it to reach the lower band of the descending trend channel around 1.1484 and could even reach the 6/8 Murray level around 1.1474.
The sharp drop from the resistance zone around 1.1650 seen last week could lead to a recovery in the euro. Therefore, if it continues to bounce above 1.1511, it could be considered a buying opportunity in the coming days, potentially reaching 1.1630.
A pullback towards the resistance zone located at the 7/8 Murray level around 1.1596 could be seen as a selling point in the coming days, with targets at 1.1474.
The Eagle indicator is giving a negative signal, so we expect a technical rebound before EUR/USD resumes its downward cycle.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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