EUR/USD is trading around 1.1745 after a technical rebound when it reached a low of around 1.1718.

On the H4 chart, we can see that the euro has been under strong downward pressure since December 23. If EUR/USD reaches the top of the downtrend channel around 1.1763, it could resume its downward cycle, and we expect it to reach the 200 EMA around 1.1692 in the coming days.

If there is a break above the downtrend channel and the euro consolidates above 1.1760, we could expect it to return to its high around 1.1804 and could even reach the 6/8 Murray around 1.1840.

A sharp break below 4/8 Murray could accelerate a downward movement, and EUR/USD could reach the 2/8 Murray around 1.1596 in the short term.

The Eagle indicator is showing positive signals, so we believe that the EUR/USD pair could continue to trade above 1.1700 in the coming days.