FX.co ★ EUR/USD

Chart D1 - pair EURUSD. The wave structure formally still builds its order upwards, although in essence it is already neutral. indicator MACD is in the lower oversold area and below its signal line. Earlier a bullish pattern — a falling wedge — was broken to the upside. It is not even daily, but weekly, such a large wedge this is. After its upside breakout and rise there was a pullback down. And it initially pulled back to the expected support level 1.1463. There were attempts to rise from it, but instead an accumulation zone formed. Apparently many more buyers had accumulated, as a result the price was dragged sharply down. And overall across the market the US dollar was strengthening. The level was pushed through, essentially there should be a pullback to test it since after the breakout there hasn't been a test. An additional factor indicating a corrective rise to the level is the CCI indicator, which shows a bullish divergence. And in general it is about time for a correction, other pairs are also standing at their highs or lows, there are technical signals for a correction. The same divergence, for example, can be seen 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 pullback to the level and then consider entries to the downside on lower timeframes. Apparently some fundamental factors influenced the strengthening of the US dollar. Although maybe this is still the effect continuing from the Fed rate decision which was raised for the first time in three years. After they did that the price flowed down and even the strong support at 1.1463 could not stop the decline. The level was broken and the price fell like a stone, updating the year's low. And so far there are not even signs of a rise. It happens, this is called a steamroller, it happens periodically and flattens everyone who was left without protection. In my opinion a corrective rise at least to the horizontal resistance level would look pretty good. After the latest failure last week the same bullish divergence on the CCI only increased. And as you can see the signal to pull the price up from the lows has already begun quite well, a clear target 1.1353. So far the 23.6 level on the Fibonacci grid has been reached.