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EUR/USD is trading around 1.1596, below the 200-day moving average and below the 21-day moving average, and has reached the 61.8% Fibonacci retracement level drawn from the low of 1.1415 to the high of 1.1842.
A technical rebound could occur in the coming hours if the euro consolidates above the 7/8 Murray line and above the 61.8% Fibonacci level around 1.1575.
If bearish pressure prevails, we could expect the euro to fall below 1.1590 and below 1.1575, in which case EUR/USD could continue its bearish cycle until reaching the 6/8 Murray level around 1.1474.
The Eagle indicator is showing a negative signal on the daily chart. However, we believe that a pullback to the 61.8% Fibonacci level could give the euro an opportunity to resume its uptrend.
A return above 1.1645, where the 200 EMA is located, could be a positive signal to buy with targets at 1.1702 and 1.1721. The instrument could ultimately reach the 8/8 Murray level around 1.1718.
On the daily chart, we can also see that the euro has reached the lower band of the uptrend channel formed on March 13, and there is a likelihood of a technical rebound in the coming hours and days. A break below this channel could invalidate our bullish strategy.
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