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Early in the American session, the EUR/USD pair is bouncing after reaching the support at 1.0811. Since then, we have observed a recovery in the pair. It is likely that it could reach the strong resistance of 1.0864-1.0887 in the coming hours.
EUR/USD is technically oversold. A technical rebound is expected for days. However, bearish strength still persists. So, if the euro fails to break and consolidate above 1.0900, it will be seen as an opportunity to sell.
On the other hand, a technical correction toward the 1.0810 area will be seen as a buy signal, as this level represents important support. If the price consolidates above this level, we can buy with targets at 1.0870 and 1.0890.
Our medium-term forecast remains bearish. So, any technical rebound will be seen as a signal to sell with a medium-term target at about 1.0361, the level where the instrument left a gap.
Our trading plan for the next few hours is to buy EUR/USD above 1.0810 or sell below 1.0887.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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