Hi everyone! Now is a good time for euro/dollar bulls as it rises to test the upper limit of the downward channel, which is important to continue its general movement. Possible scenarios are either the trend will settle or its growth will accelerate or it will again move back and forth.

However since an attempt of a decline is already anticipated, there is a small chance for a downward rollback from yesterday's local maximum since the pair failed to reach the middle limit of the Bollinger indicator resumed growth again. Then, I can look forward to an even breakdown of the border channel and exit upward.

Recently, the price is around 1.1279, which seems to be directly testing the upper limit of the descending channel and the Bollinger indicator headed upward. The price trades higher than the average of its boundaries while the stochastic is below but turned around and went higher and the momentum is high enough. However, it will likely be not easy to move from there and return to the channel. Hence, this gives a higher probability to decline from ascending on the 4-hour timeframe.

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Overall, this supports the local rise for the euro major pair. Nonetheless, I will focus on the resumption of the upward trend, higher than the level of 1.1286 and successfully consolidate in this region even if I do not really have high goals at this point in time. I donít particularly need other things but let us see what will happen later on.