(CLICK ON THE CHART TO ENLARGE IT)On Dailies you clearly see (see white arrows on indicators):
# a double-top on MACD with its fast line already below its moving average and crossing an up trendline from above;
# a bearish divergence on RSI also already below its moving average and "about" to cross its up trendline and;
# a bearish divergence on momentum also already below its moving average and below the 50 reference line.
Since the all-time high on 1.4752 we see higher lows on the 04-hour and 30-minute charts, also favouring the short.
But due to the very strong bullish trend the Euro has been, I´ll be conservative here. So my points are:
SHORT break 1.4630, which is 38% fibo of up move 1.4440 to 1.4752 and exactly coincides with the 138% fibo projection from up move 1.3360 to 1.4280. Stop at 1.4650 and target 1.4580. Add lots break 1.4580 with tight stop and next target 1.4530. Possible consolidation at price zone 1.4500/20.
A break below 1.4500 confirms the end of the recent bullish move, because it´s exactly the 123,60% fibo projection of up move 1.3360 to 1.4280 and the 38,20% fibo retracement from up move 1.4122 to 1.4733.
