The euro is trading around 1.1609, pulling back after reaching 1.1623—which coincided with the 21-day SMA—and is currently within a downtrend channel that has been forming since August 21. The euro is expected to continue trading within this downtrend over the next few days until it reaches the 200 EMA level, around 1.1565.

If the euro encounters strong resistance near the upper band of the downtrend channel at 1.1635, this could be considered an opportunity to take short positions.

If the euro continues to fall below the 21-period simple moving average (SMA) in the coming hours, EUR/USD could reach the 6/8 Murray support level around 1.1596. If the instrument remains below this zone, it could continue to fall until it reaches the 200-period simple moving average (SMA), around 1.1565.

The euro will remain in a downtrend over the next few days, so we should closely monitor the downtrend channel and look for opportunities to sell below 1.1631 and buy above 1.1565.

The Eagle indicator has reached oversold levels, and a recovery in the euro is expected in the coming days. Therefore, if the 6/8 Murray level proves to be solid support, it could be seen as an opportunity to buy the euro.