EURUSD: Short-term Analysis

EURUSD, H4

On the H4, EURUSD has reached the trend line and is testing the MA200. At the same time, the %R indicates a major overbought condition, making two scenarios possible:

• A break of the trendline above MA200, the nearest fractal, and 1.1250 will open the way to 1.1380;

• A bounce off the trendline will drop EURUSD back to 1.1080;