The US dollar is currently in a correction, but is likely to continue the trend down.
EUR/USD: a chance for recovery
Information is not investment advice
On H4, the EUR/USD pair has fallen to the important support at 1.1126 and rebounded. It's a good chance for the euro to recover. We can anticipate a continuation of the rise as the pair has reached the level of 1.1144. Then the next target will be placed at 1.1168 (upper boundary of the previous consolidation range).
Alternative scenario: on the daily chart, the pair formed the head and shoulders pattern. And the target of the pattern is located much lower than 1.1126. If the pair moves below 1.1126, the next level to watch is 1.1110. A great plunge will be confirmed only after the slide below 1.1065.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
AUD/USD tried to recover this week, but its advance was stopped by the 100-day MA at 0.6830.
GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.
EUR/NZD has been descending since the middle of October when it recoiled down from the resistance line connecting 2015 and 2018 highs.