FX.co ★ EUR/USD

Hello traders. EUR/USD. Yesterday, the Euro/Dollar pair continued to move north, breaking out of the upward trend channel, if it is still valid. However, it is too early to talk about a confirmed breakout above. At the moment, the continuation of the northward movement remains questionable, although there is no basis for opening short positions. On the hourly chart, the indicators support further movement to the north, but there are bearish divergences on the lower indicators, with one already shifting to the lower zone. Currently, the pair is testing the upper Bollinger Band, showing some signs of a rebound, but confirmation of the bounce is still pending. At the same time, there is a possibility of a double top formation emerging here; if confirmed, we may see a move to the south with the initial target at 1.1600-10. However, opening short positions should await more complete confirmation from the technical analysis. On the four-hour chart, the indicators continue to point north, but the lower indicators do not support a bullish sentiment, showing bearish divergences and suggesting a potential retracement.