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After hitting a low of 1.1410, the euro is rebounding and is now consolidating around the 2/8 Murray line. This suggests that the euro could continue its rise in the coming days and reach 1.1498, where the 21-day SMA is located, and is ultimately expected to reach the top of the downtrend channel around 1.1545.
Given that the euro has reached oversold levels, a pullback toward the 1.1450 area could be seen as a signal to resume buying, with a target at 1.1550. In the short term, the price is expected to reach the 1.1840 area, where a gap was left on February 26.
At current price levels, we expect any pullback toward last week's low around 1.1410 to present buying opportunities.
On the H4 chart, EUR/USD has staged a strong technical rebound, forming a bullish Japanese candlestick. It suggests upside potential in the coming days and a move above 1.1410, supporting our bullish outlook.
Any pullback in the euro in the coming hours presents an opportunity to open long positions with targets at 1.1500, 1.1550, and finally at the 3/8 Murray level at 1.1596.
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