The euro reached a low of 1.1664, which coincided with the bottom of the downtrend channel. According to the H4 chart, the instrument might recoup some of the losses in the coming hours.
On February 27, the euro left a gap around 1.1820, and the euro will likely continue to rise in the coming days until it covers this gap. EUR/USD could even reach the 5/8 Murray around 1.1840.
If the EUR/USD pair consolidates below the 4/8 Murray, it could come under downward pressure. So, EUR/USD might continue its downward cycle and fall towards the key 3/8 Murray support around 1.1625.
Given that the euro has reached oversold levels, it is expected to make a technical rebound above 1.16 in the coming days, with a target at 1.1840.
Our plan for the coming days is to wait for the euro to cover the gap and then resume its downward cycle.
Meanwhile, if the price consolidates above Murray's 4/8, it will be seen as a clear signal to buy. Below 1.1718, the odds are for a decline.
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