EUR/USD - the forex pair is now within a key area. An established support of €1.0723 following a bounce overnight

Taking a look at the EUR/USD forex pair as it has now reached the bottom area of the channel drawn on the chart. We can see that €1.0723 is clearly a key support level here as the pair has now bounced a little off this support. Currently, the euro is trading at around €1.0759 against the dollar and is trying to recover some of the losses from last week. The next resistance level here is €1.0786, a break above it could then possibly see an extension towards the upper trendline of the channel, which reads €1.0817. Towards the downside, there is minor support at €1.0736 and then the key support of €1.0723. A break and close below the key support may lead to a move even lower towards €1.0659. This level has not been seen since November of last year. Looking at the technical indicators, they remain rather negative. However, the MACD volume has lowered and the RSI isn’t oversold anymore, reading 39.