FX.co ★ berta.hill | EUR/USD

EUR/USD Have a great weekend! Continuing to assess the EUR/USD positions at the end of last trading week, now with the Murray indicator on the four-hour chart, I note that the medium-term downtrend continues here. Moreover, one can already speak of a gradual transition to a long-term trend, especially after the bears broke the 1.1400 level, which I consider the lower boundary of the upper trading band overall. Accordingly, the pair enters the lower trading band and its borders extend south to the 1.1000 level. That's where, I believe, the EUR/USD pair will head in the longer term. Currently we see the price at 1.1396, and, within the Murray indicator framework, this is below the 2/8 reversal level (1.1414). Moreover, at times the EUR/USD price traded significantly lower, almost reaching the primary Murray support in the current trading band - 1.1353, so I believe this objective has shifted to next week and will be reached soon. Furthermore, two consecutive bearish four-hour candles have already opened on the chart, and the stochastic, having turned down from the overbought boundary, supports this momentum.