The euro is trading at 1.1522, rebounding after hitting a low of 1.1475—a level that coincided with the 0/8 Murray level—and is now recovering some of its losses, but it may struggle to continue rising above the 1/8 Murray level.

The euro was showing signs of downward pressure yesterday during the US session when it attempted to decisively break out of the downtrend channel but was unsuccessful, as the 200 EMA was crossing at around 1.1617, which prevented the euro from making a further upward move.

Following these price movements, the euro fell below the 2/8 Murray level and below the 21 SMA. EUR/USD was trading below 1.1600 when the Fed's policy decision was released, and EUR/USD fell toward the psychological level of 1.15, even reaching 1.1475 for a few minutes before rebounding above the Murray line, which acts as strong support.

Technically, the euro could continue its fall in the coming days and reach the lower band of the downtrend channel formed since mid-May, around 1.1435.

If the euro consolidates above 1.1535 in the coming hours—where the 1/8 Murray line is located—we could buy with targets at 1.1584 and the 2/8 Murray line around 1.1596.

On the other hand, given that downward pressure continues and the Eagle indicator is showing a negative signal, we could look for opportunities to sell below the 1/8 Murray level around 1.1535, with targets at 1.15 and 1.1474.