EUR/USD is trading around 1.1607, retreating after a strong bullish momentum and is now below the 21 SMA and below the 200 EMA, which suggests that we could expect it to continue falling in the short term until it reaches the bottom of the downtrend channel around 1.1520 and could even reach the 6/8 Murray level around 1.1474.
Remembering that the euro left a gap around 1.1735, if there is a technical rebound and consolidation above 1.1660 in the coming days, we could expect EUR/USD to reach this area. The price could even reach the +1/8 Murray level around 1.1840.
The Eagle indicator is showing negative signals, so the euro is expected to continue its bearish cycle in the coming days until it reaches the psychological level of 1.1500. Even if it breaks this level, it could reach 1.1250.
