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The euro is trading around 1.1622 within the downtrend channel that has been forming since August 19. During the European session on September 7, it reached the strong resistance level of 1.1636. Given that this level coincided with the upper band of the downtrend channel, we expect EUR/USD to pull back in the coming hours and even reach the 5/8 Murray level around 1.1535.
And as long as the instrument consolidates below the 1.1640 level, we could expect strong downward pressure, and it could reach the 6/8 Murray level around 1.1596 in the coming days.
A decisive break below the 6/8 Murray level could lead EUR/USD to reach the 200 EMA around 1.1575 and ultimately reach the 5/8 Murray level around 1.1535, which also coincides with the lower band of the downtrend channel.
Should the euro attempt to resume its uptrend, a good idea for opening long positions could be to wait for a break above 1.1640 or to wait for EUR/USD to consolidate around the 6/8 Murray level in the 200 EMA zone to look for buying opportunities.
The Eagle indicator is showing a positive signal; however, we could expect a technical correction to occur before opening long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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