FX.co ★ Bearish signal in EURUSD.

EURUSD has broken out of the bullish short-term channel. Price has reached our target of 1.19 and is now reversing lower. It is time to make at least one pull back to retrace the entire upward move from 1.1665 to 1.19.

Black line - bullish channel

Green lines -Fibonacci retracement levels

EURUSD has exited the bullish channel and is making lower lows and lower highs in the 4 hour chart. Price is vulnerable to moving even lower towards the 38% Fibonacci retracement level at 1.1814. Price has most probably completed the entire upward move from the August lows. The minimum pull back target is the 38% Fibonacci retracement. Bulls need to be cautious as it looks like a short-term top is in for EURUSD.