Early in the American session, the EUR/USD pair is trading around 1.1781, below the 200 EMA, and below the 21 SMA, consolidating after an attempt to break the 5/8 Murray.

On the H4 chart, we can see that the euro is under bearish pressure and has attempted several times to position itself above 1.1840.

However, we are seeing a technical correction, and EUR/USD is likely to continue falling in the coming days until it reaches the 4/8 Murray around 1.1718. The instrument could even reach the lower band of the downtrend channel around 1.1650.

If the euro consolidates above 1.1801 in the coming hours. This could be seen as a positive sign, and the euro could reach the 5/8 Murray around 1.1840 and could even attempt to break the downtrend channel around 1.1855.

With a decisive break of the downtrend channel and consolidation above 1.1870, we could see the euro return to the 6/8 Murray levels around 1.1962. EUR/USD could even reach the psychological level of 1.2000.

The Eagle indicator is showing a negative signal, which will be seen as a signal to sell while the price consolidates below 1.1850. The short-term outlook is for the euro is to reach 1.1596 and even the psychological level of 1.1500.