The euro is trading around 1.1006, below the 200 EMA, and below the 21 SMA approaching the 4/8 Murray pivot point located at 1.0986 against the US dollar.
In case the euro continues to decline, it is expected to find good support around 1.0990, this area could be seen as an opportunity for a technical bounce as it represents a decisive point for the euro's further trajectory.
On the other hand, if the euro continues to bounce and consolidates above the 200 EMA at 1.1020, we could look for buying opportunities with the target at 1.1050. Finally, a sharp break above this area could accelerate the bullish movement towards 6/8 Murray at 1.1108.
EUR/USD is trading within the bearish trend channel forming since August 23. In the American session, it reached the bottom of this channel and is rebounding. As long as EUR/USD consolidates above this area, it will be seen as a buying opportunity.
