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01.10.2024 12:29 PM
Early in the American session, EUR/USD is trading around 1.1091. The price is approaching the 200 EMA, showing a strong bearish bias. It could be reaching oversold levels.
In the next few hours, a technical bounce is likely to occur around 1.1086, or around 1.1075, both areas representing an important weekly support.
On the H4 chart, we can see that a double top pattern was formed, this caused a strong bearish trend, breaking the bullish trend channel formed since September 10. Now the instrument is located below this channel. It suggests that with any technical rebound, while trading below 1.1055, the outlook could remain negative.
In the meantime, we could look for opportunities to buy the euro in the next few hours if the price consolidates above 1.1075, with targets at 1.1127 and finally, at 1.1153 (21 SMA).
Technically, the eagle indicator is showing an oversold signal. So, we believe that a technical rebound could occur in the next few hours which could be seen as an opportunity to buy.
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