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EUR/USD is trading around 1.1535, below the 21-period SMA and within a descending trend channel formed since the beginning of May.
Technically, the euro is under bearish pressure, and we could expect it to reach the 6/8 Murray level around 1.1474 in the coming days. If the bearish pressure persists, it could even reach the lower band of the descending trend channel around 1.1460.
Technically, we could be seeing a symmetrical triangle pattern forming on the H4 chart, which could signal a recovery for the EUR/USD pair if the price consolidates above 1.1550.
A bullish scenario for the euro would involve buying as long as the price remains above the 21-period SMA, with targets at the upper band of the descending trend channel around the 7/8 Murray level, located at 1.1596.
One possible scenario is that the EUR breaks below the symmetrical triangle pattern and the price consolidates below 1.1530; in that case, the outlook could turn negative, and we might expect the euro to fall to the 1.1474 level. This level could provide strong support for the euro, and we might expect it to consolidate in this area before taking long positions.
The Eagle indicator is showing a positive signal, although it is in an oversold zone; however, we should wait for confirmation of the euro's movement before deciding whether to buy or sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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