The euro is trading around 1.1706, below the 8/8 Murray and below the 200 EMA, and within the downtrend channel formed on September 12.
Over the past few days, the euro has failed to break out of the downtrend channel on several attempts. However, we see on the chart that the euro left a gap at the close of Friday's session, so during a technical rebound, EUR/USD is likely to reach 1.1735 in the coming days.
If bearish pressure prevails, we can expect the euro to reach the 7/8 Murray around 1.1596 or even reach the bottom of the downtrend channel around 1.1560.
If the euro breaks sharply above the trend channel and consolidates around 1.1740, we could expect it to continue rising and potentially reach +1/8 of the Murray level at 1.1840.
The eagle indicator is showing a negative signal, so if a technical rebound occurs and the price remains below 1.1760, it will be seen as a signal to continue selling.
