The euro is trading around 1.1735, above the 200 EMA, above the 21 SMA, and above the 8/8 Murray, which could indicate a recovery. However, EUR/USD is under bearish pressure as it is located within a downtrend channel.
If the euro falls below the 8/8 Murray and below the 200 EMA in the coming hours, this could indicate a further bearish movement. Therefore, EUR/USD is expected to reach the 7/8 Murray at 1.1596 in the short term.
A sharp break above 1.1765 could favor a recovery for the euro. In the short term, it could reach +1/8 Murray at 1.1840 and even reach +2/8 Murray at 1.1962.
The eagle indicator on the H4 chart is showing a positive signal for the euro, so a recovery will follow in the coming days. To do this, we should keep an eye on the 1.1765 level; above this area, we will look for long positions.
This week, US employment data will be released, so we should pay close attention to a breakout of the symmetrical triangle pattern, as we could expect a sharp decline toward the 7/8 Murray around 1.1596.
