Early in the European session, the euro is trading around 1.1619, retreating after reaching its high around 1.1720.
The euro's strong volatility was due to comments from US President Donald Trump after he threatened to oust Federal Reserve Chairman Jerome Powell.
The apparent move from the low of 1.1550 to 1.1720 is marking the euro's range zone, so we believe it will be viewed as a buying opportunity above 1.1601, around the 7/8 Murray line and around the 200 EMA in the coming days.
We could buy euros above the 7/8 Murray level at 1.1596 in the coming hours, with a target at the top of the downtrend channel around 1.1690.
On the other hand, if the euro falls below 1.1600, we could expect it to reach weekly support around 1.1550. This level could also be seen as a buying opportunity, as the H4 chart shows the euro showing oversold signs.
