FX.co ★ EUR/USD

D1 chart - EURUSD pair. The wave structure formally still builds its order upward, although in essence it's already neutral. The MACD indicator is in the lower selling zone and below its signal line. Earlier the growth pattern — a descending wedge — was broken to the upside. It's not even a daily one, but a weekly one; this wedge is that big. After its breakout to the upside and subsequent rise there was a pullback downward. And initially it retraced to the expected support level 1.1463. From it there was an attempt to rise, but instead an accumulation zone formed. Apparently far more buyers accumulated, as a result the price was strongly dragged down. And overall the US dollar strengthened. The level was pushed through; essentially there should be a retracement back to it to test it since after the breakout there has not yet been a test. An additional factor indicating a corrective rise to the level is the CCI indicator showing a bullish divergence. And generally it's time for a correction; other pairs are also sitting at their peaks or lows, there are technical signals for a correction. The same divergence, for example, appears on four-hour charts in places. There's no point in selling at the bottom of the move; you still need to wait for a retracement to the level and then consider entering down on smaller timeframes. Apparently some fundamental factors influenced the strengthening of the US dollar. Although maybe it's also the lingering effect from the Fed interest rate decision, which they raised for the first time in three years. After they did that the price flowed down and even strong support at 1.1463 couldn't stop the decline. The level was broken and the price plunged like a stone downward, 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 without protection. In my view a corrective rise at least to the horizontal resistance level would look pretty good. After the next collapse last week the same bullish divergence on the CCI only increased. And as can be seen, they already started pulling the price up from the lows quite well; the clear target is 1.1353. So far the 23.6 level on the Fibonacci grid has been reached.