FX.co ★ berta.hill | EUR/USD

The currency pair EURUSD - D1 chart. The wave structure is forming a downward pattern, the MACD indicator is in the oversold zone and decreasing below its signal line. In the first half of last May, after an initial rise, the price declined quite intensively. In the second half of May, it got stuck in a range. Although there were no major obstacles to the technical scenario of further decline. The price started the third wave, consolidating below the key level of 1.1667 and almost three weeks frustrated sellers, refusing to continue falling. A test was conducted from below the broken level of 1.1667. A temporary delay was caused by pushing the price higher to trigger sellers' stop losses. Ultimately, on Friday, June 5th, there were important news - the so-called Non-Farm Payrolls, employment data in the USA. The figures exceeded expectations, resulting in overall strengthening of the US dollar. I believe that we are currently in the third wave of a higher weekly period. The entire decline from late January to April was the first wave. The rise in April was the second wave, and now there is some pressure downwards in the third weekly wave. The intermediate target of the expected decline is around 1.1400. I think that's where the price will eventually drop. Looking at the major currency pairs in the market as a whole, on higher timeframes, there is a significant potential for the strengthening of the US dollar. Specifically here, not on weekly charts, the minimum target has been reached - the 161.8 level according to the Fibonacci target grid applied to the first wave. It took a long time to wait for this, the price entered a sideways range almost reaching the target earlier. The prospect of further decline looks more realistic, so on smaller timeframes, only short positions are considered until the low of 1.1409 is reached.