FX.co ★ EUR/USD

EUR/USD Have a good day! Based on the analysis of the four-hour chart of the EUR/USD currency pair with the support of the Bollinger Bands indicator, we see that last week the bears continued to exert pressure within the downtrend, however, after repeating the low at 1.1160 they have not yet gone for a new low. I believe this task remains for next week, and for now it should be noted that the four-hour stochastic, which continues to decline, has weak potential to support the bears. Therefore, even if EUR/USD declines from current positions, I think everything will again turn into a bounce off the 1.1160 low, especially since it is now reinforced by the lower band of the Bollinger Bands indicator. So from there the pair will likely in the short term rally to the resistance - 1.1215. But in any case, EUR/USD quotes will remain below the falling 55-period moving average. So, as a result of next week I expect a break of the current low and a decline in the euro’s price against the US dollar into the lower part of the 1.10 area.