The euro is trading within a range of highs and lows below 1.1733 and above 1.1580. In the coming days, the euro is expected to reach the 6/8 Murray level at 1.1596. Or even if a sharp break below this area occurs, we can expect EUR/USD to reach the psychological level of 1.1500.
The euro is trading below the 7/8 Murray level, below the 21 SMA, and below the 200 EMA, which adds bearish pressure. Therefore, any technical rebound will be seen as a selling opportunity, with short-term targets and 1.1581.
Conversely, a consolidation above 1.1670 could be expected to attempt to break the resistance at 1.1733, where a triple top formation appears. This is more likely to be rejected, and from there, the bearish cycle will resume.
US non-farm payrolls data will be released on Friday, which could generate strong volatility in the EUR/USD pair, so we should pay attention to support and resistance levels.
