FX.co ★ berta.hill | EUR/USD

D1 chart - EURUSD pair. The wave structure formally still builds its order upward, although in essence it is already neutral. The MACD indicator is in the lower oversold zone and below its signal line. Earlier a falling wedge growth pattern was broken to the upside. It's not even daily but weekly, that's how large this wedge is. After its breakout to the upside and the rise a pullback down occurred. And it initially reached the expected support level 1.1463. There was an attempt to rise from it, but instead an accumulation zone formed. Apparently many more buyers had accumulated, as a result the price was dragged sharply down. And overall in the market the US dollar was strengthening. The level was pushed through; essentially a retracement to test it should be done since there hasn't been a test after the breakout. An additional factor indicating a corrective rise to the level is the CCI indicator, which shows a bullish divergence. And overall it's about time for a correction; other pairs are also sitting at their highs or lows, there are technical signals for a correction. The same divergence, for example, can be found on some four-hour charts. There's no point in selling at the bottom of the move, you still need to wait for a retracement to the level and there already on smaller timeframes consider entering short.Probably the price will try to update this year's low, but most likely only through a retracement. An alternative scenario would be if the resistance level 1.1463 only causes a bounce down and is broken to the upside. It would then change its status from resistance to support. In that case the price would likely reach the next level 1.1573. Apparently some fundamental factors influenced the strengthening of the US dollar. Although it may also be the continued effect of the Fed's interest rate decision, which was raised for the first time in three years. After that was done the price flowed down and even the strong support in the form of 1.1463 could not stop the decline. I expect an upward correction that is clearly overdue.

And on the four-hour chart it is more clearly visible that so far the price has not been allowed to rise further than it managed at the end of last week. This is a steep sloping resistance line. Lines like this don't hold for long and this one will soon be broken by a wave of growth.