Early in the American session, the euro is trading around 1.1649, undergoing a technical correction after reaching the top of the downtrend channel formed on July 21.

The euro is likely to reach the support zone around the 200 EMA, the 21 SMA, and the 7/8 Murray level, which is a key point where we could expect the euro to find a solid bottom and then resume its bullish cycle.

A decisive break below 1.1590 could signal a sharp technical correction for the euro, so EUR/USD is expected to reach the 6/8 Murray level at 1.1474 and potentially the 5/8 Murray level at 1.1352.

The euro could encounter strong resistance above the 8/8 Murray level at 1.1718. Therefore, whenever the price approaches this zone, this will be viewed as a selling opportunity.

Key support levels for the coming hours are 1.1602, 1.1568, and 1.1525.

Resistance levels for the coming hours are 1.1680, which represents the top of the uptrend channel, and the Murray 8/8 around 1.1718.

Our outlook for the euro is bearish in the short term as long as the price remains below 1.1820.