EURUSD: Could weak data and double top stop Euro's rally ?

FX:EURUSD   Euro Fx/U.S. Dollar
172 0 6
This week, Euro             is the central focus with lot of data will be released. ZEW , IFO data, and Markit PMI.

EZ data in March performed very bad so I don't think EZ data this week will be bright.

Look at on the chart, EURUSD             now stops at 1.1350 : It's a two month high: A meaningful resistance level .

Mario Draghi clearly is unhappy with current level of Euro             and if he has a chance, he would talk down Euro             .

Hence, the fear of lower Euro             is obvious, and that why I don't think Euro             could move higher.

If It breaks 1.1350, the door for next strong resistance level 1.1500 will be opened and definitely EURUSD             will rally to that resistance.

However, like I said, the fear is still on the table, and a bounce at 1.1350 will form a Double top pattern for EURUSD             .

One more thing, RSI indicator, I see it reached 70: It hasn't broken 70 since Oct             2015.

Combine two signal, I think EURUSD             could back to Kumo cloud and at 1.1100 this week.

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