Since the euro has reached the 61.8% Fibonacci level and has also approached the -1/8 Murray zone, this area could be considered a solid support level. Therefore, we could
EUR/USD is trading around 1.1181, pulling back after a positive open during the European session and recouping the losses recorded over the weekend. The euro is approaching the 61.8% Fibonacci retracement level, drawn from the low of 1.1113 to the high of 1.1270.
Since the euro has reached the 61.8% Fibonacci level and has also approached the -1/8 Murray zone, this area could be considered a solid support level. Therefore, we could buy the euro in the coming days, with targets at the 0/8 Murray level, around 1.1230. Ultimately, the euro is expected to reach the 200 EMA, around 1.1306.
If downward pressure prevails and the euro consolidates below 1.1170, this may not be a negative sign, as there is no immediate support below this zone, and we could expect it to approach the -2/8 Murray level, around 1.1108.
Given that the euro has strong support around 1.1169, this area will continue to provide a bottom to halt its decline and, in turn, could be considered a buying opportunity in anticipation of it reaching a solid resistance level, such as 1.1230 or 1.1306.
Our trading plan for the coming days is to buy the euro above the 61.8% Fibonacci level, with a stop-loss below this zone and a target at the 23.6% Fibonacci level or the 0% Fibonacci level around 1.1270.
The Eagle indicator has reached overbought levels, so we need to be very cautious, as a technical rebound in the coming days could still present an opportunity to resume selling the euro.
RYCHLÉ ODKAZY
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