EURUSD: Strong pullback if this level breaks

The EURUSD pair is trading inside a Channel Up with the 4H MA100 supporting right on its bottom and the 4H technicals neutral (RSI = 53.201, MACD = 0.000, ADX = 21.383) due to a consolidation channel around the 4H MA50.

If the 4H closes a candle over the channel, we will buy the breakout and target the R1 (TP = 1.10750). If however it closes under the Channel Up, we expect a strong pullback either on S1 and the 4H MA200 or the S2 and the 1D MA50. In these cases the target will also be 1.10750. Most accurate buy signal given by the 4H RSI at the bottom of its Channel Down.


Prior idea:

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