FX.co ★ EUR/USD

Hello traders, The daily chart of the EUR/USD currency pair indicates another wave of decline, with bears, in my opinion, once again aiming to reach the penultimate Murray level in the current trading range for the four-hour chart -1/8 (1.1414), where the pair was already in July last year and in March of this year. However, in both cases, the bears could not break through this level, and the pair then bounced back to the north. It is quite likely that the outcome will be similar this time as well, although we know that such levels are usually broken through on the third or maximum fourth attempt. But we do not see a clear downward movement, so most likely, we will reach that level with a wave movement of the price, and then we will analyze the situation that will arise at that time. For now, the EUR/USD quotes for the weekend are at the level of 1.1522, which is below the 7/8 Murray level (1.1536), but the stochastic has already reached the lower boundary of the indicator, which could lead to a corrective rise in the pair already on Monday. I believe we should wait for the price to rise to the Murray reversal level 2/8 (1.1597), and then a gradual decline, as indicated in my screenshot, down to the test of the minimum -1/8 (1.1414).