FX.co ★ EUR/USD

EURUSD. Good afternoon. The Euro/Dollar still failed to develop a bearish mood yesterday, and the pair tested the local support zone built from recent lows; there was even an attempt to break it, but the bulls seized the initiative. At the moment the horned ones are still holding it, but I’m watching for a new decline. Technically, on the hourly chart the indicators have drawn a buy signal, but it has not been activated here, even though the pair has already come up to test the activation point. So intraday there is a chance to take a walk to the north towards roughly 1.1430-35 in the short term. However, one of the lower-window indicators no longer supports the bullish mood, hinting at a reversal. On the 4-hour chart the indicators still favor further downside, but the pair has climbed into the bullish zone of the Bollinger channel. The channel itself, however, is narrowing and limiting further upward movement, so I’m watching for a possible move south with an approximate target of 1.1350-55 in the local perspective.