EUR/USD is trading around 1.1768, rebounding after finding good support around 1.1750, a level that coincided with the lower band of the bearish channel formed since early February.
In the coming hours, the euro is expected to make a technical rebound from current levels towards the 200 EMA zone located around 1.1790, or it could even reach the upper band of the downtrend channel around 1.1820.
In the event of a sharp break above the downtrend channel and consolidation above 1.1825, we could expect the euro to continue rising until it reaches 5/8 Murray around 1.1840. EUR/USD could even reach the 6/8 Murray around 1.1962.
On the contrary, the 4/8 Murray is expected to act as strong support for the euro, and we could then expect consolidation around 1.1718, which would be seen as an opportunity to open long positions.
A consolidation below 1.1718 could put downward pressure on the euro, and it is expected to reach the 3/8 Murray around 1.1796 in the coming days.
