EURUSD: Will the bears reverse the trend?

Dear Friends!

Selling pressure continues to weigh on the US Dollar and encouraged EURUSD to move to a fresh two-week high near 1.0500 following disappointing US Retail Sales figures.

Technically, as mentioned on the 3-hour chart, although the uptrend remains supported and the parallel price channel has been broken, there are signs of a potential top forming at 1.053. Current support is around 1.047. If this level is broken, it could send EURUSD lower, potentially reaching 1.041, which would coincide with a test of the 34 and 89 EMAs.

Have a nice day and good luck!