EURUSD Blow-off top incoming

The EURUSD pair broke again above the 1H MA50 (blue trend-line) and is trading within two Channel Up patterns: a wider (blue) one and the shorter term dotted one. The 1H MACD indicates that we are on the same level as the November 23 MA50 break-out that peaked on the 1.382 Fibonacci.

As a result, as long as the dotted Channel Up holds, we are bullish short-term, targeting 1.10500 (1.382 Fibonacci extension). If the pattern breaks, we will sell and target the -1.00 Fibonacci extension at 1.07700.

Related material (previous trade):


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