FX.co ★ EUR/USD

EURUSD. Good afternoon. The Euro/Dollar still failed to develop a bearish mood yesterday; the bulls rather briskly took control of the pair and drove it in their direction. So from a technical standpoint, selling is still in question, although there are some hints of it. On the hourly chart, the indicators still point to further movement to the upside, but the lower-window indicators do not support the development of a bullish sentiment. However, it’s hardly worth opening short positions based on this assumption alone; it’s better to wait for more complete confirmation from the technical picture. On the 4-hour chart, the indicators don’t show anything specific, they are pointing in different directions, and a sideways range has started here with all the resulting consequences for the technical picture in the form of signals changing direction without being triggered and without follow-through. Moreover, the sideways movement is taking place within the Bollinger Bands channel; there was a bounce from its upper band, so in the short term I expect a move toward the lower band, around 1.1380–85. And then we’ll see.