FX.co ★ berta.hill | EUR/USD

EUR/USD Have a good weekend. Summing up the past trading week, I note that the bears managed to significantly lower the price of the European currency relative to the US dollar, reaching as low as 1.1215 in an attempt to break down through Murray support 0/8 - 1.1230. Not surprisingly, a bullish correction followed from there, necessary to remove the oversold condition of this currency pair, as indicated by the 4-hour stochastic. However, we see that after touching the 14-period moving average line, the EUR/USD price again tried to push lower and remains at 1.1253 with two consecutive bearish 4-hour candles open. This may provoke a decline in the pair in the near term, but, considering that the stochastic is rising and supporting the bulls, a continuation of the corrective rise is possible, but not above the Murray reversal level 2/8 - 1.1292. Moreover, possibly even without a break of the 14-period moving average line, as noted on my screenshot, one should expect a fall in EUR/USD already targeting a break below the 1.12 figure.