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The euro hit a low of 1.1417 during the Asian session and is rebounding above this level, forming a double bottom pattern—a positive signal for a short-term recovery.
If the euro consolidates above 1.1417 in the coming hours, it could be seen as a signal to buy on the technical rebound, with targets toward the 21 SMA at 1.1457.
Conversely, consolidation below 1.1417 could keep the euro under downward pressure and could push it toward the -2/8 Murray level around 1.1352. Downward pressure on the euro continues, so we should exercise caution and wait for consolidation to occur in the coming days.
A price move above 1.1457 and a consolidation above the 0/8 Murray level could change the outlook for the euro, and we could expect a recovery toward the 200 EMA around 1.1587.
We should monitor the 1.1457 area. If the price trades above this level, it will present a buying opportunity in the coming days. As long as the price remains below this area, bearish pressure may continue.
The Eagle indicator is approaching oversold levels, so we could see a technical rebound in the coming hours, which would be viewed as a positive buy signal.
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