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The euro is trading around 1.1431 under downward pressure within a trend channel that has formed since early September, showing signs of exhaustion; we could expect it to continue falling in the coming hours until it reaches the strong 3/8 Murray support level around 1.1413.
If the euro consolidates above 1.14 in the coming hours, this could be seen as an opportunity to open long positions in anticipation of a technical rebound that could push it to the 21 SMA around 1.1466; or, if bullish momentum prevails, we could see a decisive breakout from the downtrend channel.
The Eagle indicator has reached oversold levels, and technically, we believe the euro could be setting up for a technical rebound in the coming days.
We could monitor the 1.1413 area or wait for a decisive break above 1.1474 to open long positions, as the EUR/USD pair is oversold, and a recovery is likely to occur in the coming days.
A decisive break above the 4/8 Murray level could change the outlook for the euro, and EUR/USD could reach the 200 EMA around 1.1552 and eventually the strong resistance at the 6/8 Murray level around 1.1596.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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