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The euro is trading around 1.1177 under downward pressure. During the Asian session, the euro attempted to break out of the downtrend channel that has been forming since early September but failed to rise above 1.1220. Currently, the chart shows a technical correction, and it is likely to continue falling in the coming days.
If the euro settles below 1.12—where the 21 SMA is located—and below the downtrend channel, we could expect the euro's decline to continue, potentially reaching the -2/8 Murray level around 1.1108.
Given that the euro is under downward pressure and the Eagle indicator is reaching overbought levels and giving a negative signal, we could wait to see if a pullback occurs toward the 1.1200 or 1.1215 area as an opportunity to sell, with targets at the key support level of 1.1108.
Conversely, if the euro decisively breaks out of the downtrend channel and consolidates above the 0/8 Murray level and above the 21 SMA, it will be a key signal to buy, with targets at the 3/8 Murray level around 1.1391.
The euro is under downward pressure, and we believe it will continue to fall in the coming days. Therefore, as long as the price remains below 1.1230, downward pressure is likely to persist.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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