After breaking below the 4/8 Murray line, the EUR/USD pair remains in a downtrend and is likely to continue falling in the coming days, as it is trading below the 21 SMA and the 200 EMA.
If the euro pulls back toward the 4/8 Murray level in the coming days, this could be seen as a clear signal to sell; the fact that the instrument is within the bearish channel supports our outlook.
In the coming days, we expect the euro to reach the 3/8 Murray level around 1.1596; this level could serve as good support for the euro, and we could use this area as a zone to execute long trades.
If the euro recovers above 1.1650 and consolidates above 1.1681 in the coming hours, we could buy with targets at the 21 SMA around 1.1709 or around the upper band of the downtrend channel located at 1.1715.
Another trading plan for the coming hours is to buy the euro above 1.1660. The Eagle indicator is in the oversold zone, showing a positive signal, so we must be very careful; if the price breaks below 1.1650, we should avoid buying.
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