FX.co ★ EUR/USD

D1 chart - EURUSD pair. Wave structure builds its order formally still upward, although in essence already neutral. indicator MACD is in the lower oversold area and below its signal line. Earlier the bullish pattern, a falling wedge, was broken to the upside. It's not even a daily one, but a weekly one — that wedge is so large. After it was broken upward and rose, a pullback downward occurred. And initially it reached the expected support level of 1.1463. From there they attempted to grow, but instead an accumulation zone formed. Apparently many more buyers accumulated, as a result the price was dragged down sharply. And overall in the market the US dollar was strengthening. The level was pushed through; basically there should be a pullback to test it because there hasn't been a test after the breakout yet. An additional factor indicating a corrective rise toward the level is the CCI indicator, which shows a bullish divergence. And overall it's time for a correction, other pairs are also at their peaks or lows, there are technical signals for a correction. The same divergence, for example, exists in some places on the 4-hour 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 smaller timeframes. Apparently some fundamental factors influenced the strengthening of the US dollar. Although maybe this was still an effect from the Fed's interest 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 plummeted down, updating the year's low. And so far there are no signs of growth. It happens; it's called a steamroller, it periodically occurs and flattens everyone who was unhedged. In my opinion a corrective rise at least to the horizontal resistance level would have looked pretty good. After the next collapse last week the same bullish divergence on the CCI only increased. And as you can see, they have already started to pull the price up quite well from the lows; a clear target is 1.1353. So far the 23.6 level on the Fibonacci grid has been reached.