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EUR/USD is trading around 1.1191, rebounding after testing the -1/8 Murray zone, which has so far acted as strong support for the euro.
The euro is trading within the downtrend channel that has been forming since early September. If the currency pair continues to rise in the coming hours, we should expect the price to break above the 21 SMA. If EUR/USD consolidates above the 0/8 Murray level, a strong breakout could occur, and we could buy with targets at the 1/8 Murray level and finally at 1.1352, around the 2/8 Murray level.
If the euro encounters strong resistance around 1.1220—where the upper band of the downtrend channel is located—we could expect two scenarios: a breakout above the channel or a rejection. If a rejection occurs, it could be seen as an opportunity to open short positions in anticipation of the euro reaching the -2/8 Murray level around 1.1108 in the coming days.
On the H4 chart, we can observe the formation of a triple bottom, indicating that the euro has found a strong support zone. A recovery is likely in the coming days. To confirm this, we must monitor whether the price remains above 1.1169.
A consolidation above 0/8 Murray could reverse the bearish trend, leading to a recovery in the euro that could push the instrument toward the 200 EMA around 1.1418 and possibly even reach the psychological level of 1.15.
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