FX.co ★ EUR/USD

D1 chart - EURUSD pair. The wave structure is still building its order and is formally still up, although in essence already neutral. The MACD indicator is in the lower oversold area and below its signal line. Earlier the bullish pattern, a descending wedge, was broken to the upside. It's not even a daily one, but a weekly one, the wedge is that big. After its breakout to the upside and the rise there was a pullback down. And it initially reached the expected support level of 1.1463. From there there was an attempt to rise, but instead a consolidation zone formed. Apparently many more buyers had accumulated, as a result the price was dragged sharply down. And overall in the market the US dollar strengthened. The level was pushed through; basically there should be a retracement back to it for a test since there hasn't been a test after the breakout yet. An additional factor indicating a corrective rise to the level is the CCI indicator, which shows a bullish divergence. And overall it's about time for a correction, other pairs are also standing at their highs or lows, where there are technical signals for a correction. The same divergence, for example, can be found in some places on 4-hour charts. There is no point in selling at the bottom of the move; you still need to wait for a retracement to the level and then consider downside entries on lower timeframes.Possibly the price will aim to update this year's low, but most likely only via a retracement. The alternative scenario would be if the resistance level 1.1463 only gives a bounce down and is then broken to the upside. 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 maybe this is 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 downward and even strong support in the form of 1.1463 could not stop the decline. I expect an upward correction. Especially on Friday, often a day of correction if the whole week went in one direction.