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The euro is trading around 1.1195, below the 21-day simple moving average (SMA) and within a downtrend channel, showing signs of weakening momentum. The H4 chart suggests that further downside is likely in the coming days.
With the euro trading below the 0/8 Murray level and below the 21-day simple moving average (SMA), the outlook remains bearish. From a technical perspective, the euro could reach support near the -1/8 Murray level around 1.1163.
If downside momentum persists, the euro could reach the October 14 low near 1.1108, a key support level, in the coming days.
A pullback toward 1.1222–1.1230 (around the 0/8 Murray level) would present an opportunity to add short positions.
On the H4 chart, the Eagle indicator is in overbought territory, which supports the bearish case and increases the probability of further weakness in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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