FX.co ★ EUR/USD

EUR/USD Have 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 band overall. Accordingly, the pair has entered the lower trading band and its boundaries extend south to the 1.1000 level. That's where, I believe, EUR/USD will be aiming in the longer term. At the moment, the price is at 1.1396, which, according to the Murray indicator, is below the 2/8 reversal level (1.1414). Moreover, at one point the EUR/USD price went significantly lower, nearly reaching the main Murray support in the current trading band - 1.1353, so I believe this target has moved to next week and will be reached soon. Furthermore, two consecutive bearish four-hour candles have already formed on the chart, and the stochastic, having turned down from the overbought boundary, supports this move.