FX.co ★ EUR/USD

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