EURUSD About to turn bearish again on Double Structure

The EURUSD pair has been on a Bullish Leg since the February 09 Low and is approaching the January 27 High, which is its technical Resistance level. Technically, every such test has been rejected down to at least the 0.786 Fibonacci level but since we might be within a Channel Up, it is possible to see one last push to complete a +2.68% rise from the February 09 Low.

The 0.786 Fib then will fall below the Channel Up so to account for that technical miss of support, our Target will be the 0.618 Fibonacci level at 1.03125.

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