EURUSD Bearish Wave about to start. RSI overbought.

The EURUSD pair easily hit our 1.10500 target, which we set on the previous analysis (see chart below) on December 19:


We now shift back again to the 1D time-frame where the 1D RSI is about to hit the 70.00 level and turn overbought, while the price being near the top of the 3-month Channel Up. As you can see, similar Channel Up patterns have existed since November of 2022 and all broke downwards to at least a -4.15% decline, below the 1D MA50 (blue trend-line).

On the current pattern, the 1D MA5 has not been touched since the November 03 break-out. With Resistance 1 waiting at 1.11510 and the maximum total rise we have seen in the past 1 year without a -4% decline being +7.15%, currently being at 1.1200, we treat the current zone as the most efficient Sell Entry since July 18.

A new -4.22% decline would test Support 1 at 1.7250 and that is our medium-term target.

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