FX.co ★ EUR/USD

EUR/USD Good afternoon! During the active rise, the EUR/USD quotes on the four-hour chart have so far risen and are testing for an upside breakout of resistance at 1.1265. This is the pair's October 6 high area, and a breakout above it with the opening of a new 4-hour candle will most likely lead to a final reversal of the current trend to the upside. But bears still have a chance to return the pair to a decline, since an ascending channel is not yet fully formed. So far we have only a single high marked by the "ZigZag" indicator above previous values, so everything will depend on where the next wave of decline ends. However, given the current dynamics, it is assumed that the decline may be short, into the support area of 1.1240, with the pair then advancing further to the upside. Although this contradicts my fundamental convictions, based on the view that the US dollar should continue to receive support from expectations of tighter monetary policy and a rate hike at the upcoming Federal Reserve meeting in December. But, unfortunately, the picture is currently unfolding under a different scenario, and we must assess the current technical picture without wishful thinking.