The euro is trading around 1.1189, rebounding above the -1/8 Murray line and hovering around the 21 SMA, signaling a positive trend. However, there is strong downward pressure.
Yesterday, during the US session, the euro managed to consolidate above 1.1150, and since then we have seen a recovery. It could continue to rise in the coming days until it reaches the 200 EMA at 1.1379.
If, in the coming days, the euro consolidates above 1.1200 and decisively breaks out of the downtrend channel formed on the H4 charts since early October, while also consolidating above the 2/8 Murray level, we could expect the euro to continue its recovery until it reaches the 200 EMA at 1.1379.
Conversely, a drop below the -1/8 Murray level could keep the euro under downward pressure and could reach the -2/8 Murray level around 1.1108 in the coming days.
Given that the Eagle indicator is giving a positive signal, we will look for opportunities to buy the euro if the price remains above 1.1169.
On the H4 chart, we can observe the formation of a triple bottom pattern, which suggests that the euro may have reached a strong support zone and a recovery could occur in the coming days.