FX.co ★ EUR/USD

EUR/USD Good Saturday. The trading week for the EUR/USD currency pair ended at 1.1628, slightly below the 1.1630 support level, after the pair failed to reach the upper boundary of the four-hour Ichimoku cloud and the resistance at 1.1665 during the bullish correction. Moreover, the Zigzag indicator has already marked another local maximum around the middle of the 16th figure, which is lower than the previous values. This primarily confirms a medium-term downtrend. I believe that at the beginning of the next week, the bears will start pushing the EUR/USD price lower, initially towards the 1.1580 support level (the pair's low on October 22nd). Then, with a slight upward zigzag, as indicated in my screenshot, I expect further decline towards the key current lows area at 1.1550 in a third attempt to break through this level.