EUR/USD Good day! Analyzing the price movement of the euro/dollar currency pair on the four-hour chart, I note that the quotes are mostly trading sideways within the boundaries marked on the chart between the support level of 1.1310 at the bottom and the resistance of 1.1420, as indicated by the Bollinger indicator with its outer bands. For some time, it is possible that the EUR/USD pair will remain within this range until the necessary drivers to strengthen the US dollar are received. However, as indicated on the screen, a breakout of the lower boundary can be expected at any moment, which is more likely than a continuation of the uptrend. If this scenario plays out, I expect the US dollar to strengthen initially towards the support at 1.1210, signaling a reversal of the H4 trend to the downside. Today, the expected US consumer confidence index data for April and the changes in the number of job openings in the JOLTS labor market report may help in executing this plan. If not, then consolidation is likely to continue for some more time.
