EUR/USD is trading around 1.1827, below the 21 SMA located around 1.1861, and retreating after being rejected off strong resistance around the 50% Fibonacci retracement level.
The euro is expected to reach the 200 EMA around 1.1803 in the coming hours and could even return to early February levels around 1.1750.
If the euro finds good support around the 200 EMA, it could be seen as an opportunity to buy in anticipation of a resumption of its upward cycle. EUR/USD could reach the 61.8% Fibonacci retracement, which also converges with the 6/8 Murray around 1.1962.
Given that the euro remains under downward pressure, any technical rebound, as long as the price remains below the psychological level of 1.20, will be seen as a signal to continue selling in the coming days.
