FX.co ★ EUR/USD

Hello traders, EUR/USD The analysis of the daily chart movement of the Euro/US Dollar pair indicates a possible imminent shift from a long-term uptrend in favor of the bears. At the very least, we can already talk about a medium-term downtrend, but the long-term trend is still in favor of the bulls, although it is under real threat. Following the last downward wave from the peak of 1.1915, identified by the ZigZag indicator, the pair has moved down by more than four figures. Therefore, at any moment, we can expect a short-term bullish correction, probably not exceeding the support range between the levels of 1.1575 - 1.1600. This is a very small range for the daily chart and falls within the margin of error. Overall, we anticipate a rise towards testing the 14-period moving average line, which will keep the pair near the hypothetical upper boundary of the descending channel. Hence, I expect a new wave of decline in EUR/USD towards the mid-1.14 level from there, and then we will await a breakthrough of the July low at the level of 1.1395.