EUR/USD is trading around 1.1797, around the 21 SMA on the 200 EMA, showing a slight technical correction after attempting to break through the downtrend channel around 1.1830.
If EUR/USD falls below 1.1800 in the coming hours, this could be seen as a bearish signal, and the price could reach the 4/8 Murray around 1.1718.
If the euro consolidates above the 200 EMA, EUR/USD should consolidate, and we can expect a recovery in the coming days. The instrument may reach 1.1840 and even the 6/8 Murray around 1.1962.
The Eagle indicator is showing a negative signal. Therefore, the euro is expected to continue its bearish cycle in the coming days until it reaches the psychological level of 1.1500.
Given that the euro is under downward pressure, technically, EUR/USD is likely to continue falling, so we will look for opportunities to sell whenever the price consolidates below 1.1840.
