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Early in the American session, the euro is trading around 1.1349 within the downtrend channel formed on April 18. EUR/USD has been consolidating for the past few days around 1.1340.
If the EUR/USD pair breaks and consolidates above the downtrend channel and above the 21SMA located at 1.1360 in the coming hours, it will be seen as a buy signal with a target at the 7/8 Murray located at 1.1474.
On the other hand, if bearish pressure prevails and the euro consolidates below 1.1370, it could be seen as a sell signal with targets at the 6/8 Murray located at 1.1230 and ultimately at the bottom of the downtrend channel around 1.1135.
If the euro breaks the downtrend channel, we could expect a pullback toward the 7/8 Murray at 1.1474. Once the price enters this area, it will be seen as a sell signal.
The support at the 6/8 Murray around 1.1230 and the support at the 200 EMA around 1.1108 could favor a technical rebound, as we see the eagle indicator reaching oversold levels on the H4 chart.
Our trading plan for the coming hours is to sell below 1.1370 with targets at 1.2395 and 1.1230. We expect the euro to fall toward the psychological level of 1.1000 in the short term.
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