FX.co ★ berta.hill | EUR/USD

Analyzing the movement of the EUR/USD currency pair quotes last week, I would like to note that earlier I had already suggested that the daily growth would end in the resistance range of 1.1715 - 1.1735, as can be seen from my previous posts. As seen, over the weekend the pair indeed remains within the specified range, with the "Zigzag" indicator marking the end of the growth and the stochastic rising to the overbought boundary of the pair. Therefore, we have at least two signals indicating the likelihood of the end of the growth phase with the prospect of a subsequent transition to a decline. However, the bulls are still supported by the currency's relative strength indicator, but it is quite possible that market sentiment will change over the weekend, and on Monday, possibly right from the opening, we may expect a decrease in the euro quotes aiming for a drop to the support at 1.1590, around the area of the pair's previous local minimum. I would like to emphasize that this forecast is technical, but we are awaiting important news from the Middle East regarding the progress of the US-Iran negotiations, so sharp changes in the pair's behavior on Monday are definitely possible.