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The euro is trading around 1.1378, moving within the downtrend channel that has formed since September 8 and under downward pressure. Following the opening of this week's session, the EUR/USD pair has left a gap around 1.1393.
Given that the euro has reached oversold levels, we could expect it to recover above 1.1360 in the coming hours. Alternatively, if downward pressure prevails, we could expect EUR/USD to reach the 2/8 Murray level (1.1352) and potentially form a double bottom pattern, as it reached this level on Monday during the US session.
If the euro encounters strong resistance around 1.14, the outlook could remain negative, and we could expect it to fall until EUR/USD reaches the 2/8 Murray level, located around 1.1352.
A decisive break above the 3/8 Murray level around 1.1413 could change the outlook for the euro, and we could expect it to reach the 200 EMA around 1.1524 in the coming days.
Given that the euro is under technical downward pressure, we could expect this trend to continue. However, we must monitor the 2/8 Murray level, as this zone could offer an opportunity to open long positions.
In the coming hours, if the euro falls toward 1.1352, it will be seen as a buy signal; conversely, if the price consolidates above 1.1370—which would signify a breakout from the downtrend channel—it could also be viewed as a buy signal.
The Eagle indicator is giving a positive signal, which supports our strategy for the coming days. A stop-loss could be placed below the 2/8 Murray level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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