FX.co ★ EUR/USD

Let's continue making forecasts for the further price movement of the EUR/USD currency pair. In general, I would characterize the situation as follows: the overall long-term uptrend is still intact, although there is a real threat of it changing to a downtrend. In the medium term, the EUR/USD pair has already transitioned to this downtrend when it bounced off the 7/8 Murray reversal level at 1.1902 in mid-September of this year. Subsequently, breaking through the regression channel from top to bottom, it nearly reached the main support at the current trading level of 0/8 at 1.1475. Currently, the decline remains medium-term as the pair stays in the upper trading range. The shift to a long-term trend will occur with a switch to the lower range, which will happen with a breakthrough of the Murray level -2/8 at 1.1353. As for the immediate movement of the EUR/USD, I see it as indicated in my screenshot. A possible test of support at 1.1475 is expected, followed by a corrective technical rebound upwards, which is quite normal up to the Murray reversal level 2/8 at 1.1597. There, I hope to see a bounce off the 14-period moving average and anticipate a decline in the EUR/USD towards the pair's minimum from the end of July this year at the -1/8 level of 1.1414. Subsequently, with a slight zigzag upwards, I will await the reaching and testing of the Murray level -2/8 at 1.1353.