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 euro against the US dollar, reaching at one point a decline to the level 1.1215 in an attempt to break down Murray support 0/8 - 1.1230. It is not surprising that a bullish correction followed from there, necessary to relieve 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 attempted to push lower and remains at the level 1.1253 with two consecutive bearish 4-hour candles formed. This may trigger a decline in the pair in the near term, but, given 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 decline in EUR/USD aiming to break below the 1.12 figure.