FX.co ★ EUR/USD

D1 chart - pair EURUSD. The wave structure formally still points upward, although in essence it's already neutral. The MACD indicator is in the lower sell zone and below its signal line. Earlier the bullish pattern — the falling wedge — was broken upwards. It's not even a daily wedge, but a weekly one; the wedge is that large. After the breakout to the upside and the subsequent rise, a pullback down occurred. And initially it retraced to the expected support level 1.1463. There was an attempt to rise from it; instead a consolidation zone formed. Apparently a lot more buyers had accumulated, as a result the price was pulled down sharply. And overall in the market the US dollar was strengthening. The level was pushed through; essentially there should be a retracement to it for a test, since there hasn't been a test after the breakout. An additional factor indicating a corrective rise to the level is the CCI indicator; a bullish divergence is visible on it. Overall, it's about time for a correction; other pairs are also at their peaks or troughs and show technical signals for a correction. The same divergence, for example, is present in places on the four-hour charts. There's no point in selling at the bottom of the move; you still need to wait for a retracement to the level and only then consider entering down on smaller timeframes. Possibly the price will aim to update this year's low, but most likely only via a retracement. An alternative scenario would be if the resistance level 1.1463 first only provides a bounce down and then is broken upwards. It would then change its status from resistance to support. In that case the price will likely reach the next level of 1.1573. Apparently some fundamental factors influenced the strengthening of the US dollar. Although perhaps it's still an effect from the Fed's interest rate decision, which was raised for the first time in three years. After they did that the price flowed down and even the strong support at 1.1463 could not stop the decline. I expect an upward correction. Especially it's Friday — often a day of correction if during the week it moved in one direction.