FX.co ★ EUR/USD

D1 chart - EURUSD pair. The wave structure formally still builds its order upwards, although in substance it is already neutral. The MACD indicator is in the lower oversold zone and below its signal line. Earlier a bullish pattern — a descending wedge — was broken to the upside. It's not even a daily pattern, but a weekly one; the wedge is that large. After its breakout upwards and rise there was a pullback down. And it initially retraced to the expected support level of 1.1463. There was an attempt to rise from it, but instead an accumulation zone formed. Apparently far more buyers had accumulated, as a result the price was dragged sharply down. And overall in the market the US dollar was strengthening. The level was pushed through; essentially a retracement to test it should occur since there has been no test after the breakout. An additional factor indicating a corrective rise to the level is the CCI indicator, which shows a bullish divergence. And overall it is about time for a correction; other pairs are also standing at their peaks or lows, and there are technical signals for a correction. The same divergence, for example, is present in some places on the H4 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 entering short on lower timeframes. Apparently some fundamental factors influenced the strengthening of the US dollar. Though maybe this was still the effect of the Fed's interest rate decision, which was raised for the first time in three years. After that was done the price flowed downward and even strong support at 1.1463 couldn't stop the decline. The level was broken and the price dropped like a stone, updating the year's low. And so far there are no signs of a rebound. It happens; it's called a steamroller, it occasionally happens and flattens everyone who turned out to be uninsured. In my view a corrective rise at least to the horizontal resistance level would look quite decent. After yet another collapse last week the same bullish divergence on the CCI only increased. And as can be seen, the signal has already started to pull the price up from the lows quite well; the clear target is 1.1353. So far the 23.6 level on the Fibonacci grid has been reached.