EUR/USD is trading around 1.1487, bouncing above the 6/8 Murray level and within the descending trend channel formed on October 27th. The euro has found strong support around 1.1475. So, we believe that if the price consolidates above this area in the coming hours, it could reach the 21 SMA around 1.1530 and even the 7/8 Murray level around 1.1596.

The euro has reached oversold levels, so it is more likely that it will attempt to recover some of its losses in the coming days. Therefore, we should pay attention to the key support level of 1.1474. This level would signal a buying opportunity for the euro, as it has acted as strong support in the past.

If the price falls below 1.1470, the outlook could remain negative, and the euro could reach the 5/8 Murray level around 1.1350, an important support level.

Technically, the euro could recover by the weekend and even continue rising next week, as there is still a possibility of an upward reversal.

Last month, the price left a gap around 1.17:40, so it is more likely that the price will return to these levels in the coming days.