EUR/USD is trading around 1.1520, rebounding after reaching the key level of 1.1500 in the European session. The instrument appears to be finding good support in this area and is likely to continue rising in the coming days until it reaches the top of the downtrend channel located at 1.1627.
If the downward pressure persists in the coming hours, the euro is expected to find good support around the 6/8 Murray located at 1.1474. This area could be seen as an opportunity to open long positions, provided that the price consolidates above this zone.
If the euro breaks decisively through the 21 SMA located at 1.1549, it could be seen as an opportunity to continue buying with a target at the 200 EMA located at 1.1595.
The Eagle indicator is showing a negative signal, so the euro could continue its fall in the coming hours until it reaches the bottom of the downtrend channel located at 1.1420.
The outlook could be positive for EUR/USD only if it consolidates above 1.1550 in the coming days.
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