Early in the American session, the EUR/USD pair was trading around 1.0316, below 1/8 Murray, and below the 21 SMA. On the H4 chart, we can see that the euro is under bearish pressure and is likely to continue falling in the coming days. EUR/USD could reach 0/8 Murray located at 1.0253.

We could expect a slight recovery above 1.0300 since technically the instrument is located around a weekly support. If this support halts the fall of the euro, we could look for opportunities to buy. However, we should be careful since a break below this area could accelerate the fall to 1.0253.

If the euro recovers and consolidates above 1.0316 in the next few hours, we could look for opportunities to buy with targets at 1.0376 and 1.0391.

A sharp break of the bearish trend channel and a consolidation above 1.0420 could mean a strong recovery for the euro. So, we could expect it to reach the 200 EMA at 1.0504 in the short term and even 3/8 of Murray at 1.0620.

We will look for opportunities to buy the euro in the next few hours since we see that it is reaching oversold levels.