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EUR/USD is trading around 1.1656 after a strong technical rebound at the start of this week's session. During the Asian session, the euro rose from a low of 1.1621 to reach 1.1670, where the 3/8 Fibonacci retracement and the 21 SMA converge, which has now become a strong resistance level.
If the EUR/USD pair fails to break above 1.1665 and consolidate above this area, the euro could resume its downward cycle, and we could expect it to reach 1.1620 in the coming days and finally 2/8 Murray around 1.1596.
Conversely, if the euro consolidates above 1.1670, the outlook could be positive, and EUR/USD could reach the 200 EMA around 1.1891 or even Murray's 4/8 around 1.1718.
The Eagle indicator is showing a positive signal, so our trading plan for the coming days will be to buy the euro around 1.1620 or 1.1596. Above this zone, any pullback will be seen as an opportunity to open long positions.
A sharp break of the downtrend channel and consolidation above 1.1791 could change the scenario for the euro, and we could expect it to reach the 6/8 Murray at 1.1840 in the short term.
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