FX.co ★ EUR/USD

EUR/USD Have a good weekend. Summing up the past trading week, I note that the bears managed to significantly lower the price of the European currency against the US dollar, reaching 1.1215 at one point in an attempt to break down Murray's 0/8 support - 1.1230. It's not surprising that a bullish correction followed from there, necessary to remove the oversold condition from this currency pair, as indicated by the 4-hour stochastic. However, we see that after touching the 14-period moving average, the EUR/USD price again tried to push down and remains at 1.1253 with two consecutive bearish 4-hour candles. This may provoke a decline in the pair's price in the near term, but considering that the stochastic is rising and supporting the bulls, a continuation of the corrective rise is possible, but not above the Murray reversal level 2/8 - 1.1292. Moreover, possibly even without a break of the 14-period moving average, as noted on my screenshot, one should expect EUR/USD to fall already targeting a break below the 1.12 figure.