Early in the American session, the euro is trading around 1.0771, below the 21SMA, and within the downtrend channel forming since March 14. The bias is bearish.
Yesterday, EUR/USD attempted to break out of the downtrend channel and above 1.0830, but failed to consolidate its bullish strength. We now observe the continuation of the bearish movement. Hence, EUR/USD is likely to continue falling in the coming days towards the key support of the 8/8 Murray at 1.0742. The instrument could eventually reach the 7/8 Murray at 1.0620.
The euro's outlook is still bearish. We believe that the decline could continue below 1.08 in the coming days toward 1.0620.
Conversely, a sharp break and consolidation above 1.0785 could change the euro's course, and we could expect it to reach 1.0854 and eventually +2/8 Murray around 1.0986.
The H4 chart shows that the euro is under downward pressure. We reckon EUR/USD could extend its fall in the coming days. Therefore, we could look for selling opportunities.
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