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Early in the American session, the EUR/USD pair is trading below the 6/8 Murray level and within the bearish trend channel forming since early April.
The euro is expected to continue falling in the coming hours and could reach the 4/8 Murray level at 1.0742. After the EUR/USD's strong recovery in early April to the 1.1145 level, the euro is undergoing a strong technical correction.
We believe EUR/USD could continue falling in the medium term and could reach 1.0362, where it left a gap. This level is key and will surely be reached at some point.
If the euro consolidates above 1.0986, we could expect a continuation of the upward movement, and EUR/USD could reach the 7/8 Murray level at 1.1108 and even surpass its high from early April.
Technically, the Eagle indicator is showing a negative signal. If a technical rebound occurs and the instrument settles below the 6/8 Murray level, we will look for selling opportunities with targets at 1.0864 and finally at the 200 EMA located at 1.0750.
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