EUR/USD is trading around 1.1503 under bearish pressure, below the 200 EMA and 21 SMA moving averages, with a bearish bias. The instrument is likely to continue falling in the coming hours until it reaches the important support level of the 6/8 Murray chart at 1.1474.
The euro is under strong bearish pressure and is likely to continue its downward cycle, potentially reaching the bottom of the ascending trend channel around 1.1435.
If EUR/USD consolidates above 1.1470, we could expect a technical rebound, potentially returning the price to the 7/8 Murray price level at 1.1596 and even to the top of the descending trend channel around 1.1620.
A sharp break of the descending trend channel and consolidation above 1.1650 could see the instrument the October 15th high around 1.1719 and even close the gap around 1.1740.
