FX.co ★ EUR/USD

EUR/USD Have a good day! Based on an 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 retesting the low at 1.1160, they have so far not moved to break it. I believe that this task remains for next week, and for now it should be noted that the four-hour stochastic, which continues to decline, offers only weak potential to support the bears. Therefore, even if EUR/USD declines from current positions, I think it will again result in a rebound from the 1.1160 low, especially since it is currently reinforced by the lower band of the Bollinger Bands indicator. So from there the pair will likely bounce back short-term to the resistance at 1.1215. But in any case, EUR/USD quotes will remain below the falling 55-period moving average line. So as a result of next week I expect a break of the current low and a drop in the euro's price against the US dollar into the lower segment of the 1.11 figure.