Early in the American session, the Euro (EUR/USD) is trading around 1.0825, above the 21 SMA, and above the 200 EMA with a good technical rebound after it reached the bottom of the downtrend channel during the European session.

The H1 chart shows that the euro is within a downtrend channel. If it consolidates above 1.0834 in the next few hours, it could reach the top of the downtrend channel around 1.0866.

In case the euro falls below 1.0830, we could expect it to reach the daily S_1 around 1.0804. The instrument could even accelerate its decline and reach the first weekly support located at 1.0790.

Technically, the euro is oversold. So, any decline during the next few hours will be seen as an opportunity to buy.

Some important data from the United States could move the euro, but the idea is to buy above 1.0800. The eagle indicator supports our bullish strategy since it is giving a positive signal.