FX.co ★ EUR/USD

At the moment, regarding the EUR/USD pair, we are clearly witnessing not a correction, but a full-fledged upward movement on the four-hour chart, which originates from the recent low of 1.1470 on November 5th of this year. During this time, the EUR/USD quotes have risen by almost two figures, touching the level of 1.1655. I believe that after the bears carry out a short-term correction, which is necessary from a technical point of view to alleviate the overbought condition indicated by the stochastic oscillator, the upward trend will continue. I expect the correction to at least reach the support at 1.1630. However, there is a possibility of a decline towards the area of the previous local maximum of the pair from November 11th at the support level of 1.1605, which would be even more logical. This would completely eliminate the existing overbought condition, and later initiate a new wave of growth aiming to push the price towards the maximum from mid-October of this year near the level of 1.1680. Of course, it is necessary to first consolidate above the reached maximum.