FX.co ★ berta.hill | EUR/USD

Hello traders! Today I am looking at the daily movement of traded currency pairs, and regarding the EUR/USD pair, I note that since the end of January this year, there has been a strong downward wave, with prices approaching the 1.2075 level and almost testing the downside breakout of the round level at 1.1400. However, now we see that this downward wave is complete, and a bullish correction is forming. This does not mean that the pair is ready to return to a full-fledged growth, but corrections are a normal occurrence within any directional trend. Therefore, I believe that with the support of the daily stochastic and the currency relative strength indicator, the rise of EUR/USD is likely to continue for now, as we do not have a "Zigzag" indicator mark indicating its completion. Overall, from the current position of 1.1571 (naturally, plus or minus within the margin of error for the daily chart), we expect the uptrend to continue. At most, I think the price could reach the middle of the 16th figure, where the Ichimoku indicator's signal line (Kijun-sen) is currently located. From there, I will expect a resumption of the decline of EUR/USD, with the development of a long-term descending daily trend, transitioning into the lower trading range of 1.1400 - 1.1000.