The euro is trading around 1.1584, below the 200 EMA, the 21 SMA, and below the 6/8 Murray. Strong bearish pressure is evident, and the euro is likely to continue falling in the coming days, reaching the 3/8 Murray around 1.1413.
If the euro rebounds technically in the coming hours and reaches the resistance zone around 1.1630 or the top of the downtrend channel around 1.1638, this will be seen as an opportunity to sell with a target at the 4/8 Murray around the psychological level of 1.1500.
As long as the euro consolidates below the 6/8 Murray, bearish pressure will continue to prevail, and the instrument could reach the price levels seen when the Nonfarm Payrolls were released in early August, around 1.1400.
Immediate resistance for the euro is located at 1.1596, 1.1603, 1.1620, and 1.1638. The latter represents strong resistance around this area, where the moving averages coincide.
Immediate support is located at 1.1535, 1.1500, and finally, the 4/8 Murray level, at 1.1474.
