FX.co ★ EUR/USD

EUR/USD Have a great weekend! Continuing to assess the positions of the EUR/USD currency pair at the end of last trading week now with the support of the Murray indicator on the four-hour chart, I note that the development of a medium-term downtrend continues here. Moreover, one can already speak of a gradual transition to a long-term trend, especially after the bears broke the 1.1400 level, which I consider the lower boundary of the upper trading band overall. Accordingly, the pair is entering the lower trading band and its boundaries extend south to the 1.1000 level. That is where, I believe, the EUR/USD pair will aim in the medium term. Right now we see the price at 1.1396 and, in terms of the Murray indicator, this is below the 2/8 reversal level (1.1414). Moreover, at times the EUR/USD price moved significantly lower, almost reaching the main Murray support in the current trading band - 1.1353, so I believe this objective has been carried over to next week and will be reached soon. Besides, the chart already shows two consecutive bearish four-hour candles, and the stochastic, having reversed from the overbought boundary, supports this move.