EUR/USD is trading around 1.1692, reaching the daily support level around 1.1693 and showing signs of a potential technical rebound, as the H1 chart indicates that the euro has reached oversold levels.
If the euro consolidates above 1.1693 in the coming hours, this could be seen as an opportunity to open long positions with targets at 1.1708 and at the 4/8 Murray level around 1.1718.
A decisive breakout from the downtrend channel on the H1 chart and a consolidation above the 21 SMA and Murray 4/8 could be seen as a positive signal to continue buying with targets at 1.1739 and finally at 1.1785.
If bearish pressure prevails and EUR/USD continues to trade below the key 1.1700 level, we could expect the instrument to reach the daily S_2 support around 1.1771 in the coming hours. EUR/USD could even reach the lower band of the downtrend channel around 1.1654.
A technical bounce around 1.1647 could be seen as a buying opportunity, as the instrument could technically be approaching strong oversold levels.
