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The euro is trading around 1.1266 following a strong upward rebound after reaching Murray's -1/8 level around 1.1160. This level is acting as strong support, which also coincided with the lower band of the downtrend channel, giving the EUR/USD pair a strong upward move. Consolidation is likely to occur in the coming days above the 0/8 Murray level.
On the H4 chart, we can see a technical pattern indicating a significant rebound after several days of bearish pressure. Technically, the euro should encounter strong resistance around the 1/8 Murray level at 1.1291; this level, which also coincides with the upper band of the trend channel, could present strong resistance to the euro.
If the euro continues to rise over the next few hours, we could look to the 1.13 or 1.1291 area to see if the price breaks above this zone—which could be a bullish signal—or if it faces rejection, which could be seen as an opportunity to open short positions.
If the euro pulls back from current price levels and consolidates around the 0/8 Murray level—which also coincides with the 21 SMA at 1.1280—this area could be viewed as an opportunity to continue buying, with targets at 1.13.
A decisive break above the downtrend channel and consolidation above the 0/8 Murray level could fuel a strong recovery in the euro, and we could continue buying, with targets at the 2/8 Murray level and the 3/8 Murray level. Ultimately, we expect EUR/USD to reach the 200 EMAA around 1.1442.
The Eagle indicator is reaching overbought levels, so we should exercise caution, as we could expect the euro to undergo a technical correction in the coming days.
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