FX.co ★ EUR/USD

EUR/USD I wish you a good weekend! Continuing to assess the positions of the EUR/USD currency pair at the end of last trading week now with the support of the Murray indicator on the four-hour chart, I note that a medium-term downtrend continues to develop here. Moreover, one can already speak of a gradual transition to a long-term trend, especially after the bears broke the 1.1400 level, which I consider the lower boundary of the upper trading tier overall. Accordingly, the pair enters the lower trading tier and its boundaries extend south to the 1.1000 level. That's where, I believe, the EUR/USD pair will aim in the foreseeable future. Right now we see the price at 1.1396 and, within the framework of the Murray indicator, this is below the 2/8 reversal level (1.1414). At times, the EUR/USD price moved significantly lower, barely missing the main Murray support in the current trading tier - 1.1353, so I believe this objective has shifted to next week and will be reached soon. Furthermore, two consecutive bearish four-hour candles are already open on the chart, and the stochastic, having turned down from the overbought level, supports this momentum.