#EUR/USD
Hello traders who are still awake! On Monday, I was looking at a northward impulse completion on the #EUR/USD instrument on the hourly timeframe. Overall, the northward movement has currently slowed down, leading towards the support at 1.1700. The price is currently testing this local minimum without much hope for growth. Just on Monday, the price was slightly relieved of bullish orders, and now we are seeing either a correction or a local trend reversal. For those who remember, at the beginning of the week, the price reached local highs at 1.1760 and 1.1780, but failed to go higher. At the moment, I am leaning more towards a correction towards the support at 1.1700 where testing will take place. Yesterday's trading showed more of a southern impulse, which I was expecting to result in a correction. Currently, it is unclear whether the bullish trend will resume or if we will see a break in the structure. In terms of volatility, things are not very active, but overall the correction could reach the key support at 1.1690 where a decision will be made either downwards or upwards. If the price consolidates below the local minimum, then I would consider a move towards 1.1650 or 1.1660. At the moment, the bears are still holding onto the correction potential, but the stochastic indicator shows that the oversold zone is quite close. I will continue to observe the current dynamics and base my decisions on the support level at 1.1690, where a key decision will be made.
