FX.co ★ berta.hill | EUR/USD

Chart D1 - pair EURUSD. The wave structure formally still builds its order upwards, although in essence it's already neutral. The MACD indicator is in the lower oversold zone and below its signal line. Earlier the rising pattern, a falling wedge, was broken to the upside. It's not even daily but weekly — this wedge is that large. After its breakout upward and subsequent rise, a pullback downward occurred. And it initially reached the expected support level 1.1463. From it there was an attempt to rise; instead of a rise, an accumulation zone formed. Apparently far more buyers accumulated, as a result the price was strongly dragged down. And overall the US dollar was strengthening across the market. The level was pushed through; essentially there should be a pullback to it for a test since there hasn't been a test after the breakout yet. An additional factor indicating a corrective rise to the level is the CCI indicator, which shows a bullish divergence. And in general it's about time for a correction; other pairs are also standing at their peaks or lows, there are technical signals for a correction. The same divergence, for example, exists in places on the four-hour charts. There's no point in selling at the bottom of the move; you still need to wait for a pullback to the level and then consider entering down on smaller timeframes. Apparently some fundamental factors influenced the strengthening of the US dollar. Although maybe it's still the effect continuing from the Fed rate decision, which they raised for the first time in three years. After they did that the price flowed downward and even strong support in the form of 1.1463 couldn't stop the decline. The level was broken and the price plummeted downward, updating the year's low. And so far there are no signs of a rise. It happens — it's called the steamroller; it happens from time to time and flattens everyone who was without protection. In my view a corrective rise at least to the horizontal resistance level would have looked quite good. After the latest collapse last week the same bullish divergence on the CCI only increased. And as you can see the signal, they have already begun to pull the price up quite well from the lows, a clear target is 1.1353. So far the 23.6 level on the Fibonacci grid has been reached.