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The euro is trading around 1.1534, reaching the lower band of the downtrend channel formed since August 18 and showing signs of being oversold. Technically, the euro could be facing strong support around the 5/8 Murray level.
Following a sharp drop below the 200-day EMA, the euro hit a low of 1.1528. From this level, we see that it is rebounding, and we could expect it to continue rising in the coming days only if the price consolidates above the 5/8 Murray level.
A potential entry point for long positions could be above 1.1530 or above 1.1535; in that case, we could expect EUR/USD to reach the 200-day EMA around 1.1585. The instrument could even encounter strong resistance around the 6/8 Murray level at 1.1596.
Conversely, if the euro falls below the psychological level of 1.15, the outlook could change, and we could expect it to continue its downward movement until it reaches the 4/8 Murray level around 1.1474.
We believe the euro could take a breather in the coming days, so we must keep a close eye on the price. If the EUR/USD pair consolidates and trades within the downtrend channel and above the strong support level at 1.1530, the outlook will be for a recovery and a buying opportunity.
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