EURUSD is trending up in a nice up channel.
The RSI is in overbought territory, which indicates a likely decline, and in addition, there are visible bearish divergences between price of EURUSD and relative strength, which is bearish.
The MACD histogram is ticking up while the MACD line has crossed the signal line, which indicates up/bullish momentum. However, at the same time, bearish divergences are visible, which indicates a probable price drop in the short term.
Overall: EURUSD is in all aspects in overbought territory and looks like a pull back. In case the pull back stops at the lower trend line, a strong Bull Pullback pattern would be formed, which would indicate the possibility and probability of further growth.
However, if it breaks the lower trend line, a drop to the 50 day MA and probably to the BigRed or 200 MA is likely.
The RSI is in overbought territory, which indicates a likely decline, and in addition, there are visible bearish divergences between price of EURUSD and relative strength, which is bearish.
The MACD histogram is ticking up while the MACD line has crossed the signal line, which indicates up/bullish momentum. However, at the same time, bearish divergences are visible, which indicates a probable price drop in the short term.
Overall: EURUSD is in all aspects in overbought territory and looks like a pull back. In case the pull back stops at the lower trend line, a strong Bull Pullback pattern would be formed, which would indicate the possibility and probability of further growth.
However, if it breaks the lower trend line, a drop to the 50 day MA and probably to the BigRed or 200 MA is likely.
Consistency is the key of success....