FX.co ★ EUR/USD

Last week was quite productive for the bulls in the EUR/USD pair, who, taking advantage of the weakness of the US dollar, managed to push the price up to the level of 1.1830, thus surpassing the pair's previous high set on December 25th last year at 1.1805, and recovering all recent losses. Now we can talk about a full return of the EUR/USD to the upward four-hour trend and expect the bulls to achieve more significant success in the new phase of growth. In fact, we see that the week's trading ended with a four-hour bullish candle, promising further upward movement of the euro due to the decline of the US dollar, a topic we have discussed multiple times before and won't repeat again. However, I believe that at the beginning of next week, we can expect a technical correction to the south, aiming to alleviate overbought conditions, at least testing the nearest support at 1.1805, and in a more bearish scenario - down to the support at 1.1765. But after the stochastic indicator alleviates the overbought conditions, the pair will most likely resume its upward movement towards the 1.19 level.