EURUSD Pull-back more likely than ever

Time to call a short-term top on the EURUSD pair, as following our last week's idea, the price hit the top (Higher Highs trend-line) of the Channel Up pattern that has been trading is since the November 15 High:


This is actually a Double Top on the Higher Highs of the Channel Up, similar to that of mid-December. The target of the rejection was the bottom of the Channel, below the 4H MA200 (orange trend-line). Right now we have the 4H MA50 (blue trend-line) to consider as the short-term Support, where the price is very likely to go along with the 4H RSI Buy Zone 1.

If that breaks, we will extend selling all the way to the bottom of the Channel Up and only buy when the RSI hits 30.000 or the price hits the 1D MA50 (yellow trend-line). In both cases, the medium-term Buy Target is the 1.09400 Resistance 3 (formed by the April 07, 11 and 21 Highs).


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