FX.co ★ Noir | EUR/USD

EURUSD Price Behavior: The analysis of the EUR/USD currency pair's price behavior is currently the main topic of discussion. The crucial question, though, is whether this breach will result in a big influx of sellers and a sharp increase in the value of the US dollar, which would then lead to a significant decline in the price of the euro. I was expecting at least a big downward breakthrough during the Fed rate decision, if not a strong upward rise. That was especially pertinent to me because I'm currently purchasing EUR/USD and favoring the bullish side. Given the significant decline in the euro today, it appears obvious that the minimum should be updated to 1.13968. There will probably be a turning point. After the correction from 1.13968, there will be an upward retracement and consolidation below the broken sloping line. I expect the downward trend to continue after this consolidation. On the other hand, if the market moves sharply northward toward 1.20379, this would basically mean that the bullish trend would continue. However, looking at the daily timescale, it's clear that the decrease has already penetrated very deeply, and the trend that started around 1.02957 is probably going to continue. The decline is just the start of a new trend. I also expect a more noticeable downward movement and an upward zigzag. As was previously suggested in relation to the news, we have seen a decline to recent lows inside the day, and we should now expect a turning point. Nevertheless, a consolidation period below the trend line will probably accompany this pullback, indicating the end of the current fall. With new market sentiment building following the Fed's decision to keep interest rates steady, the coming week looks promising for lively trading. A positive scenario is still possible, and by Friday night, EUR/USD might break over 1.14973. With significant support levels at 1.14473, 1.14153, and 1.14425, the price of EUR/USD is probably still in the same trading channel.