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In the absence of economic reports or other news that could affect the market, investors finally paid attention to the dollar's overbought condition. So, there was nothing to prevent the local correction, which, by the way, is still far from over. The market imbalances, although reduced, have not disappeared altogether. And except for the data on unemployment claims in the United States, today's economic calendar is empty. And with the US dollar still overbought, these reports are not particularly important. Moreover, claims are expected to increase by 4,000, and that's incredibly small. So we can basically say that nothing will change. Such minor changes are not capable of influencing investor sentiment. In other words, the pair will likely correct higher on Thursday.
The EUR/USD pair has started a long-awaited corrective movement. The support level at 1.0600 played a role, which the quote recently approached.
The RSI has left the oversold zone on the 4-hour chart, and it has upwardly crossed the 50 moving average. This indicates an increase in the volume of long positions in the euro.
On the same time frame, two out of three of the Alligator's MAs are intertwined, corresponding to a sign of a slowdown in the downtrend cycle.
Considering the extent of the euro's weakness, we can assume that there is still room for more movement. For this reason, the pair is expected to rise to the level of 1.0700.
Complex indicator analysis indicates a downward cycle in the short- and long-term timeframes.
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