FX.co ★ EUR/USD

In the EUR/USD currency pair, the bears have achieved a new milestone, namely the Zigzag indicator marking a new local minimum on the four-hour chart, located below the previous value. Now it can be noted that the bears are in a breakout state below the 1.1720 support, which will soon lead to a decline in the EUR/USD price towards their main target at the level of 1.1705. A breakout of this level will signal the pair's transition to a full-fledged downtrend on the four-hour chart. We can go there in two ways, meaning if the bears do not have enough strength to do it from the current positions, there will be a short-term pullback to the north. However, I believe the bulls will not push above the 1.1740 level, where the 14-period moving average is approaching. Therefore, in any case, I expect the resumption of the EUR/USD decline from there, with a target of testing the support at 1.1705.