EUR/USD is trading around 1.1740 below the 21SMA and within the downtrend channel formed since December 22. The H4 chart shows that the euro has downside potential and could reach the 4/8 Murray around 1.1718.
If the euro reaches a support zone around the bottom of the downtrend channel located at 1.1725 or around 4/8 Murray, it could be seen as an opportunity to open long positions.
The euro is expected to continue its decline in the coming days and could reach the 200 EMA around 1.1691 and could even reach the 2/8 Murray around 1.1596.
A technical rebound and consolidation above the December 18 low could give the euro a chance to resume its bullish cycle, and we could expect it to reach 5/8 Murray at 1.1779. EUR/USD could even reach 6/8 Murray at 1.1840.
Our trading plan for the next few hours is to sell the euro below 1.1768 with targets at 1.1718 and 1.1691.
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