The euro is trading around 1.1463, rebounding after hitting a low of 1.1435 during the European session.
The euro may struggle to continue rising if it consolidates below the 2/8 Murray line around 1.1475 in the coming hours.
Given that the euro is under downward pressure, it is expected to continue falling in the coming days until it reaches the bottom of the uptrend channel around 1.1394.
The Eagle indicator is showing a positive divergence. However, the euro will likely resume a strong technical rebound in the coming days and could then reach 1.1840, where it left a gap on February 26.
Given that the euro is below the 2/8 Murray line, we could look for opportunities to sell at current price levels with targets at 1.1435 and 1.1394.
A bullish outlook could materialize only if the euro price consolidates above the 2/8 Murray line. Finally, if EUR/USD breaks above the 21 SMA, a strong recovery is possible.
Conversely, a technical rebound toward 1.1561 or toward the top of the downtrend channel could be seen as a signal to continue selling in the coming days.
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