EUR/USD is trading around 1.0688 bouncing above 3/8 Murray after reaching the low at 1.0667. After the publication of the US inflation data, the euro made a strong technical correction that is going on until today. The euro is trading under selling pressure. The euro could be reaching the exhaustion condition and could get oversold soon.

If the euro bounces above 1.0681 in the next few days, it will be seen as an opportunity to buy with targets at 4/8 Murray at 1.0742. EUR/USD could even reach the 21 SMA at 1.0756.

The eagle indicator on the H4 chart reached the oversold zone of 5 points which indicates an imminent technical rebound that could happen in the coming days.

If the euro continues to fall, we should avoid buying below 1.0670, as EUR/USD could continue its fall towards 2/8 Murray located at 1.0620. This level could offer a good support point for the euro, so we should wait for the price development.

Our trading plan for the next few hours is to buy the euro above 1.0681 with targets at 1.0742, 1.0756 and finally, 1.0805.