Hello traders! Summing up the past trading week, I note that the main event in the movement of the European currency quotes against the US dollar on the 4-hour chart was the update of the previous high of the pair in the middle of the Murray regression channel at the 4/8 resistance (1.1658) and the rise almost to the 6/8 reversal level (1.1680). However, the bulls did leave a couple of points of gap as an error, but in any case, this rise has already confirmed the further development of the medium-term uptrend, the beginning of which I count from May 19 of this year. As for the fact that there was a decline towards the end of the trading, there is nothing to worry about, as this is a technical correction, and in my forecast, it should end even without reaching the Murray reversal level of 2/8 (1.1627). Perhaps, starting from the test of the 14-period moving average line, in an attempt by the bears to break through the bottom of the Murray regression channel at 3/8 (1.1642), we will see a resumption of growth. In this case, we will have to wait for a clear breakout for a test upwards of the 6/8 reversal level (1.1688), which will once again confirm the probability of further advancement of the EUR/USD pair in line with the targets already marked by Murray.
