FX.co ★ EUR/USD

Buyers of the EUR/USD currency pair are trying to develop their four-hour candle and gradually approaching a test of the 2/8 Murray reversal level (1.1536) on the 4-hour chart. Analyzing the pace of the EUR/USD price growth and the Stochastic positions, I believe that the bulls will indeed break the mentioned level and may rise at least towards the middle of the 1.15 figure, where the price has reached twice recently. However, it is unlikely that the bulls will reach the next Murray level with a regression channel bottom test of 3/8 (1.1566) and will start a new downward wave from around the 1.1550 level, as indicated in my screenshot. In the end, I expect the EUR/USD quotes to decline to the main support in the current trading range at the 0/8 Murray level (1.1475) with a target to update the pair's minimum on November 5th of this year. I hope that the beginning of this movement will be set today during the American session after the release of important news for the American dollar.