FX.co ★ berta.hill | EUR/USD

As of Thursday, we can see that the quotes of the currency pair EUR/USD managed to retest the pair's minimum from February 5th, dropping to the support at 1.1780 in an attempt to break below the lower boundary of the TMA indicator bands on the 4-hour chart. However, at the moment, I believe another short-term bullish correction is imminent, as there is a "Zigzag" indicator mark on the chart signaling the completion of this downward wave. Taking into account that the 4-hour Stochastic is in the oversold territory and starting to turn upwards, promising to support the bulls, I expect the price of EUR/USD to rise from the current level of 1.1790 towards the resistance at 1.1840. Moreover, it is possible that the EUR/USD pair will once again start to bounce downwards from testing the 14-period moving average line, which is declining and passing below the mentioned target. In the future, we will wait for the price to reach and attempt to break through the mid-17th figure by the bears, which could subsequently accelerate the pair's decline towards the beginning of the 17th figure.