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The euro is trading around 1.1368, consolidating after a sharp downtrend that began on September 7. Technically, the euro is in a strong support zone, and we could expect the currency pair to rebound in the coming hours.
If the euro rebounds above 1.1368 in the coming hours, this will be considered a buy signal with targets at the 21 SMA around 1.1407, and we ultimately expect it to reach the 3/8 Murray level around 1.1413.
If downward pressure persists, we could expect the euro to consolidate around 1.1352; this zone represents strong weekly support, which is also considered a good point for a technical rebound. We should monitor this zone, waiting for the price to show signs of a recovery before opening long positions with a target at the upper band of the downtrend channel.
Our outlook for the euro could be bullish provided the price consolidates above 1.1350. A decisive break above the downtrend channel and consolidation above 1.1413 could be seen as a clear signal to continue buying in the coming days, with targets at the 4/8 Murray level around 1.1474; ultimately, we expect EUR/USD to reach the 61.8% retracement level near the 200 EMA at 1.1532.
The Eagle indicator is showing a positive signal, so we will try to buy the euro in the coming hours with a stop-loss below 2/8 of Murray.
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