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Early in the American session, the EUR/USD pair is trading around 1.0826, above the 200 EMA, and under a strong technical correction.
In the next few hours, the euro could bounce above 1.0821 (200 EMA) but if the bearish force prevails, EUR/USD could break this dynamic support and could reach 5/8 Murray at 1.0803. The price could even reach the bottom of the uptrend channel around 1.0800.
Given that the euro is reaching an oversold zone according to the H4 chart, we believe that if it consolidates above 1.0800 in the coming days, we could look for opportunities to buy with targets at 1.0864 and 1.0925.
A daily close and consolidation below 1.0800 could change the outlook for the Euro and we could expect EUR/USD to continue falling and reach the 4/8 Murray at 1.0745. The instrument could even reach the low of 1.0658 seen in early May.
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