FX.co ★ EUR/USD

On the daily chart of the EUR/USD currency pair, supported by the Murray indicator, we can see that over the weekend the price remains slightly below the bottom of the 3/8 regression channel at 1.1597 in an attempt to start another downward wave. However, considering the support of the rising stochastic, I believe that on Monday the bulls may return to test this level again, and although I do not expect it to be broken, I think the stochastic should finish its rise and only when indicating the overbought condition of this currency pair, we can expect a reversal to the downside. In the new, still only assumed downward wave of the EUR/USD, I am already waiting for quotes to drop below the 1.14 level, and according to the Murray level markings, the bears' target will be to reach the reversal level of 1/8 at 1.1353. In simpler terms, we should expect a decline of the EUR/USD towards the middle of the 13th level in the next stage of the descending daily trend.