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Not only has there been active discussion about the possibility of the Federal Reserve reducing the interest rate by 0.50% immediately, but there are rumors that the U.S. central bank might hold an emergency meeting. All this is due to sharply increased fears about the American economy sliding into a deep and prolonged recession. And it is not surprising that against this backdrop, the dollar continued to lose ground. Having reached almost the lowest value since the beginning of the year, the dollar bounced back somewhat. However, this should be seen purely as a local rebound. The dollar continues to remain under pressure. After all, occasionally, there is an opinion that interest rates could be reduced by as much as 0.75%. Thus, the dollar may still drop to its lowest levels since the start of the year.
Amid speculative dynamics, EUR/USD closed a previously formed corrective phase and reached the psychological level of 1.1000. As a result, the scale of price changes in just two trading days amounted to about 220 pips, which is considered relatively high.
Due to speculative price movements, the RSI indicator entered the overbought zone in the 4-hour chart, indicating an excessive number of long positions.
Regarding the Alligator indicator on the same time frame, the moving average lines point upwards, corresponding to an upward cycle.
The price has rebounded from the 1.1000 level, and the volume of long positions in the euro decreased around this mark. In the theory of technical analysis, the current pullback may serve as a stage for regrouping trading forces, which could positively impact potential subsequent growth.
Complex indicator analysis signals a pullback in the short term. The indicators point to an upward cycle in the intraday period.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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