FX.co ★ EUR/USD

Hello traders! Currently, we can see that the bulls may be close to completing their correction at any moment, as there are already signs of bears attempting to open their four-hour position when the stochastic reached the overbought boundary of the pair. Nevertheless, I believe we can expect a test or at least a touch of the nearest resistance at 1.1680 from the current position of 1.1666. In the future, as indicated in the screenshot, we should anticipate a decline in the EUR/USD towards the support at 1.1615 and beyond, breaking through it, to wait for a test of the round level at 1.1600. For now, we see that the bulls have reached the conditional upper boundary of the descending 4-hour channel and are testing the median of the falling Bollinger trend indicator. Therefore, a rebound from the current positions would be logical and would allow the currency pair to fully relieve its oversold condition and consequently start a new downward wave on legitimate grounds.