FX.co ★ EUR/USD

EUR/USD Have a great 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 Murrey 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 bracket overall. Accordingly, the pair enters the lower trading bracket and its boundaries extend south to the 1.1000 level. That's where I believe EUR/USD will aim in the future. Currently we see the price at 1.1396 and, in terms of using the Murrey indicator, this is below the 2/8 reversal level (1.1414). Furthermore, at one point the EUR/USD price moved significantly lower, barely missing the main Murrey support in the current trading bracket - 1.1353, so I believe this objective has shifted to next week and will be reached soon. Moreover, the chart already shows two consecutive bearish four-hour candles, and the stochastic, having turned down from the overbought boundary, supports this move.