As we have mentioned in our Daily Market Analysis on the last week, the EUR/USD retreated to reach the expected target of 1.2516 level which is the Ichimoku support level as mentioned on the daily chart. Today we expect it should continue its downward movement towards the main support level of $1.2585, and if it succeeds in breaching down this level, this will push the prices towards the 1.2450 level.
We also notice on the 4hours chart, that the Stochastic indicator still show a signal of downward movement and confirms the decrease of the prices towards the 1.2450 level.
However, if the Euro would still trading above the 1.25 level, and will not succeed in breaching down the main support level of 1.2485, we expect it may rise towards the 1.2540-1.2573 area and this rise is just a correction step because the general trend of the market would remain bearish.
Nice trading all