The EUR/USD pair has reached the upper range of the psychological level of 1.1000/1.1050 during the corrective phase. The scale of the correction has been approximately 1.3%.
In the 4-hour chart, the RSI technical indicator moves within the sellers' zone of 30/50, indicating a corrective move.
Regarding the Alligator indicator in the same time frame, the moving average lines (MA) point downward, which corresponds to the corrective phase.
Expectations and Prospects
At this stage, the corrective phase is still valid in the market. However, traders are considering the psychological level area as a potential support where, based on the theory of technical analysis, reducing the volume of short positions on the euro is possible. It is worth noting that there has been no shift in trading interests considering the ongoing correction, and the medium-term trend remains upward.
The complex indicator analysis suggests a corrective price move in the short-term and intraday periods. Indicators point to an upward trend in the medium term.
