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 Murrey indicator on the four-hour chart, I note that the development of a medium-term downtrend continues 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 octave overall. Accordingly, the pair is entering the lower trading octave and its boundaries extend down to the level of 1.1000. That's where I believe the EUR/USD pair will aim in the longer term. Now we see that the price is at 1.1396 and, within the Murrey indicator framework, this is below the 2/8 reversal level (1.1414). At one point, the EUR/USD price traded significantly lower, barely missing the main Murrey support in the current trading octave - 1.1353, so I believe this task has moved to next week and will soon be achieved. Moreover, the chart already shows two consecutive bearish four-hour candles, and the stochastic, having turned down from the overbought boundary, supports this move.