The uptrend in the EUR/USD hourly chart going back to March 1 went to wave 7 this morning. Once we start going beyond wave 5, the trend no longer remains so much of a friend. Also, the wave 7 high at 1.2445 was not confirmed by the MACD line. This momentum divergence adds to the case that the current uptrend on the hourly is losing steam.
We'll need to see a change in the angle of the 50MA to confirm a trend change. But I am looking to take advantage of a potential trend reversal here.