EURUSD First Rise, Then Fall

As you see in the 4H chart, a triple top pattern has been created and the neckline which is also an ascending trend line has been broken out to the downside and we saw a fall in price.

We can also see a fall on dollar currency index which broke out the first parallel channel’s upper band and has entered the second channel but after approaching to the second channel’s upper band and also the resistance level started to fall.

So, we can expect a fall to the channel’s lower band for dollar index which means the EURUSD is bullish and retracing for now: price reached to the support level and has been pushed to the upside and is pulling back to the ascending trend line (Neckline).

I expect a rise first, around 1.20900-1.21200 and if there was any downside pressure after price pulled back to the line, we can enter short.

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