EUR/USD has seen a significant climb over the past few weeks after it broke to the upside from a descending weekly trend channel. Price has now been testing the monthly sloping resistance zone created from the highs back in May 2008, November 2009, June 2011, April 2014 and February 2018. Over the last two weeks, a tweezer top formation has been created on the weekly timeframe which indicates at least some sellers coming into the market. With the precedent set from the previous bounces, we are expecting at least a bearish pullback from this zone down to 1.147. If price continues to respect the monthly channel we could see price return back ultimately to the lows of 1.07. However, if weakness in the USD persists and price on EUR/USD continues to the upside, closing above the monthly channel, this analysis would be invalidated and a new scenario would need to be thought through.