FX.co ★ EUR/USD

Hello traders. At the moment, bulls in the EUR/USD pair are trying to lift the euro price and are trading the pair in the middle of the 16th figure. However, I believe that this is primarily due to the oversold nature of the pair, as indicated by the four-hour stochastic, indicating that the pair needs a technical correction to the upside. However, as the pair approaches the Murray reversal level 6/8 at 1.1658 and tests the moving average line of the 14th period, which is slightly above, this correction may come to an end. Although the stochastic indicator is unlikely to completely eliminate the oversold conditions of this currency pair, so we may have to settle for only a partial relief. Nevertheless, after this, I think the pair should resume its decline aiming to break below the top of the Murray regression channel 5/8 at 1.1627, with the price consolidating inside it. Subsequently, this will lead to further development of the descending medium-term trend, as indicated by the corresponding movement vector on my account.