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The EUR/USD pair is currently consolidating below 1.1596 and has also fallen below the 2/8 Murray line, which suggests that EUR/USD may struggle to continue rising. If this scenario plays out, the euro could reach the 21-day SMA around 1.1570 and could even retreat toward the psychological level of 1.15 in the medium term.
The euro left a gap around 1.1560. It is likely that if the price consolidates below the 2/8 Murray line in the coming hours, we could expect it to fill this gap. This signal could be seen as an opportunity to open short positions.
If the instrument consolidates below 1.1570 in the coming hours, price action could drive the euro lower, and we could expect it to reach the 1/8 Murray support level around 1.1535.
Given that downward pressure is intensifying, and as long as EUR/USD consolidates below 1.1570, any technical rebound will be seen as an opportunity to sell in the coming days.
We should avoid selling the euro above 1.1625, as this could signal a decisive breakout from the downtrend channel and could mark the start of a new bullish sequence that could drive EUR/USD to reach May's highs around 1.1780.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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