Early in the European session, the euro is trading around 1.1564, rebounding after reaching a low around 1.1518. This level acted as good support for the euro. Since then, we see a recovery, which is likely to continue rising in the coming hours to reach the 21SMA or the 200EMA.

If the euro rebounds around 1.1518, or if bearish pressure continues, it could find strong support around the 6/8 Murray line at 1.1474. We can see this as a buying opportunity.

The euro could find strong resistance around 1.1596 and 1.1629. This area is a strong zone and a barrier for the euro. We believe that the bearish cycle could take place below this level.

Technically, the euro is reaching oversold levels. So, the odds are that there will be consolidation above the psychological level of 1.15 or above 6/8 Murray in the coming days.

Key support levels for the coming days are 1.1518 and 1.1476. Key resistance levels are 1.1596, which is 7/8 of Murray level, 1.1629, and 1.1653.