FX.co ★ EUR/USD

D1 chart - the EURUSD pair. The wave structure still formally follows an upward order, although essentially it's already neutral. The MACD indicator is in the lower oversold area and below its signal line. Earlier a bullish pattern, a falling wedge, was broken to the upside. It's not even daily but weekly, this wedge is that big. After its breakout upward and rise, there was a pullback downward. And it initially reached the expected support level 1.1463. There were attempts to rise from it, instead of a rise a consolidation zone formed. Apparently many 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, basically there should be a retracement back 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; a bullish divergence is visible on it. And generally it's about time for a correction; other pairs are also standing at their peaks or lows, there are technical signals for a correction there. 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 have to wait for a retracement to the level and then consider entry down on smaller timeframes.Possibly the price will attempt to update the low of this year, but most likely only through a retracement. An alternative scenario would be if the resistance level 1.1463 gives only a bounce down and is then broken upward. It would then change its status from resistance to support. In that 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 the continuing effect from the Fed's interest rate decision, which was raised for the first time in three years. After that was done, the price flowed downward and even strong support in the form of 1.1463 could not stop the decline. I expect an upward correction. Especially since it's Friday, often a day of correction if it went in one direction all week.