FX.co ★ EUR/USD

EUR/USD I wish you a good weekend. Summing up the past trading week, I note that the bears managed to significantly lower the price of the European currency relative to the US dollar, reaching a low of 1.1215 at one point in an attempt to break down Murray support 0/8 - 1.1230. It's not surprising that a bullish correction started from there, necessary to relieve the oversold condition of this currency pair, which the 4-hour stochastic indicated. However, we see that after touching the 14-period moving average, the EUR/USD price again tried to push lower and remains at 1.1253 with two consecutive bearish 4-hour candles open. This could provoke a decline in the pair's quotes in the near term, but, given that the stochastic is rising and supporting the bulls, a continuation of the corrective rise is possible, but not above 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 with a target of exiting the 1.12 figure to the downside.