Early in the European session, the euro is trading around 1.1627, below the 7/8 Murray line, and below the 21 SMA and the 200 EMA. Yesterday, during the American session, the euro fell below 1.1718, reaching a low around the 6/8 Murray line at 1.1605.

This slight rebound observed on the H4 chart could be seen as an opportunity to resume short positions, with targets at the 4/8 Murray line around the psychological level of 1.1500.

In the coming hours, any consolidation below 1.1660 will be seen as a signal to sell in the coming days, with targets at the 4/8 Murray line.

On the other hand, if the euro resumes its bullish cycle, we should expect the instrument to trade above 1.1660. EUR/USD could then reach the Murray 8/8 level at 1.1718, or even the top of the bullish trend channel around 1.1760.

The eagle indicator is showing a negative signal, so we will look for selling opportunities in the coming days.