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18.11.2024 06:56 AM
Early in the European session, the EUR/USD was trading around 1.0532 within the downtrend channel forming since November 6th and below the 21 SMA with a bearish momentum but showing signs of its exhaustion. In the next few hours, the EUR could make a bearish correction to reach last week's lows.
If the euro falls and reaches 2/8 of Murray around 1.0498 in the next few hours, it could confirm the formation of a double bottom pattern and this could be seen as an opportunity to buy with targets in the 1.0563 area.
Besides, a sharp break above the 21 SMA, a consolidation above this area, and a sharp break of the downtrend channel will set the stage for a bullish sequence in the short and medium term.
If this scenario occurs, the euro could reach 3/8 Murray around 1.0620 and eventually the 200 EMA around 1.0805.
Since November 15, the Eagle indicator has been showing oversold signals. Hence, we believe that a technical bounce off above the psychological level of 1.0500 in the next few hours could be seen as a signal to resume buying.
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