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The euro is trading near its October lows and has found strong support around the -1/8 Murray level. This level represents an extremely oversold condition. Hence, we believe the euro could consolidate around this area in the coming days and may attempt to rebound and reach the 0/8 Murray level again, around 1.1230.
If the EUR/USD pair consolidates above 1.1160 in the coming days, this could be considered a signal to continue buying with targets at the 21 SMA around 1.1228. In turn, a decisive break above the downtrend channel could be seen as a signal to continue buying above 1.1230, with targets at the 2/8 Murray level around 1.1352.
On the H4 chart, if the euro consolidates above the -1/8 Murray level, a double bottom pattern could emerge. This pattern signals a reversal, meaning we could expect EUR/USD to rise above 1.1177 until it reaches the 0/8 Murray level at 1.1230. We could expect the instrument to continue rising in the short term, potentially reaching the 200 EMA around 1.1434.
In the coming hours, we should monitor the euro's performance. If EUR/USD finds strong support around the -1/8 Murray, we could use an opportunity to open a long position with a stop-loss below its current low. The first target would be the upper band of the downtrend channel, around 1.1230.
The Eagle indicator has reached overbought levels and is currently giving a negative signal; however, we could expect a recovery in the euro over the next few days, for which the price would need to remain above 1.1160.
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