The Euro is trading within the uptrend channel formed since early August, but is showing signs of exhaustion. In case a technical rebound occurs above 1.1658, we could expect EUR/USD to reach 8/8 Murray around 1.1718, or even reach +1/8 Murray around 1.1779.
The key level to watch is 1.1655; above this area, any technical rebound will be viewed as a buying opportunity.
On the other hand, a sharp drop below 1.1650 could signal the start of a trend reversal, and we could expect the euro to reach 1.1627 and even reach the 5/8 Murray at 1.1535.
The eagle indicator is showing a negative signal, so a drop below the 7/8 Murray at 1.1627 could accelerate the euro's bearish move and could reach the July 31 price levels around 1.1380.
Immediate resistance is located at 1.1684, 1.1718, 1.1753, and 1.1779.
Immediate support is located at 1.1657, 1.1627, 1.1596, and 1.1535.
