Early in the European session, the EUR/USD pair is trading around 1.1224, above the 200 EMA, and below the 6/8 Murray, with a bearish bias.
The euro is likely to continue falling in the coming hours until reaching the bottom of the trend channel around 1.1078.
Should the euro consolidate above the 200 EMA located at 1.1190, it will be seen as an opportunity to buy during a technical rebound, with targets at 1.1350 or around the top of the downtrend channel.
A consolidation below the 6/8 Murray and a break below the 200 EMA could signal a breakout of the downtrend, potentially reaching the 1.1070 area and even the psychological level of 1.1000.
The euro is likely to recover in the coming days toward the 1.1350 level. Below this level, the outlook will remain bearish and will be seen as an opportunity to resume selling.
The eagle indicator is reaching oversold levels, so any technical rebound will be seen as a signal to sell.
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