Early in the American session, the euro recovered and is trading at 1.0786 after having registered a low of 1.0731. The EUR/USD pair is below the 21SMA, rebounding after momentarily breaking the 8/8 Murray support.
If the euro continues its rebound and consolidates above 1.0790 in the coming hours, we could expect EUR/USD to continue rising. So, the instrument could reach +2/8 Murray at 1.0986 in the short term and even the psychological level of 1.10.
During the European session, the euro reached a low of 1.0731. EUR/USD may extend its recovery from this level. If EUR/USD consolidates above the 21SMA in the coming hours, the instrument could maintain bullish momentum.
On the other hand, the fact that the euro is trading within a downtrend channel technically suggests that the bearish bias remains. Therefore, if EUR/USD falls below 1.0780, it could slide to the 200 EMA around 1.0690.
The eagle indicator is showing oversold signs. So, we believe that a technical rebound in the coming hours could serve as an impetus for the euro's recovery in the coming days.
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