FX.co ★ EUR/USD

D1 chart - EURUSD pair. The wave structure formally still builds its order upwards, although in essence it's already neutral. The MACD indicator is in the lower oversold zone and below its signal line. Earlier the bullish pattern, a descending wedge, was broken upwards. It's not even a daily one, but a weekly one — this wedge is that large. After its upward breakout and rise, a pullback down occurred. And it initially reached the expected support level of 1.1463. There was an attempt to rise from it, but instead a consolidation zone formed. Apparently far more buyers had accumulated, as a result the price was dragged sharply down. And overall in the market the US dollar was strengthening. The level was pushed through; essentially there should be a retracement to it for a test since there hasn't been a test after the breakout yet. An additional factor indicating a corrective rise to the level is the CCI indicator, which shows a bullish divergence. And in general it's about time for a correction; other pairs are also sitting at their highs or lows, and there are technical signals for a correction. The same divergence, for example, exists in some places on the four-hour charts. 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 an entry down on lower timeframes. The price may seek to update this year's low, but most likely only via a retracement. An alternative scenario would be if the resistance level 1.1463 only produces a bounce down and is then broken to the upside. It would then change its status from resistance to support. In that case the price will likely reach the next level of 1.1573. Apparently some fundamental factors influenced the strengthening of the US dollar. Although maybe this is still the effect continuing from the Fed's interest rate decision, which was raised for the first time in three years. After that was done, the price flowed down and even strong support at 1.1463 could not stop the decline. I expect an upward correction. Especially since it's Friday, often a day for correction if the week has moved in one direction.