EUR/USD is trading around 1.1430, bouncing off the 1.1398 level. The euro is oversold and is likely to reach the resistance zone of 1.1474. If it manages to break above this level, it could reach the 21SMA at 1.1575.
On the H4 chart, we can see that the euro has formed a Japanese candlestick called a pinbar, indicating the likelihood of a euro recovery in the coming days.
If the euro continues its downtrend, it could reach the 5/8 Murray level at 1.1352. This level could provide an opportunity for a technical rebound, as the indicators are showing oversold levels.
A consolidation above the 6/8 Murray level in the coming days could favor a recovery during which EUR/USD could climb to the 200 EMA at 1.1622.
If the euro continues trading within the downtrend, it is likely to face strong resistance around 1.1470. If it fails to break above this level, it could resume its bearish cycle, with a target at the 5/8 Murray level, located at 1.1352.
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