The EUR/USD price is trading in an upward channel on a 4-hour time frame. This confirms the fact that the uptrend is intact and the bias remains to the upside. Further confirmation can also be seen by looking the price with respect to the important moving averages; the price is trading above the 50 and 100-day moving averages (shown in green and pink colour respectively). This confirms that the trend is skewed to the upside.
Having said this, the balance of power indicator is showing a change in momentum, it shows that the bears are picking up the steam and it is highly likely that the price may change its direction.
The RSI indicator is also confirming the fact that the bulls are losing control of the price and the price has retraced from its overbought zone.
The resistance zones are shown by the horizontal red lines and the support zones are shown by the horizontal green lines.
