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If the euro consolidates above 1.1290 in the coming hours, or if there is a technical rebound around 1.1260, this could be considered an opportunity to open long positions.
Given that the euro is technically oversold on the H4 and daily charts, we expect the currency pair to recover in the coming days and potentially reach the 2/8 Murray level around 1.1352. We even expect EUR/USD to rebound to the 200-day EMA levels around the psychological level of 1.15.
The key is to monitor whether the price consolidates above 1.1290; if it does, we could buy in anticipation of EUR/USD reaching the 2/8 Murray level around 1.1352. A decisive break above this zone and a break above the downtrend channel could reverse the euro's trend, and we could expect it to approach the 4/8 Murray pivot point around 1.1474.
Given that the Eagle indicator has reached oversold levels, we'll try to be cautious if we're selling the euro. A good strategy would be to wait for a consolidation above the 1/8 Murray line to buy in the coming days.
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