The EUR/USd is consolidating above the 1.29 handle. The 1H chart shows a triple bottom forming, with a break above1.2970 to complete the pattern. This would suggest a near-term rally toward the 1.30 area. This short-term bullish outlook is within a bearish scenario at least toward the 1.2870 pivot area. But if the market can push above 1.30, and the RSI can go above 60, we would be showing a more significant correction and a loss of bearish momentum in the short-term.
If we open up above 1.30, the 1.3050 (near 38.2% retracement), and 1.31 (near 50.0% retracement and 200-hour SMA), are levels to monitor for re-selling, which targets 1.29 and 1.2870 in the short-term, and 1.2626-70 in the medium term.A return below 1.2950 should be the first sign that the bulls lose the very short-term control they have on the market since the start of the 5/10 global trading session.
A break above 1.3140 (61.8% retracement) should make the bearish outlook suspect especially if the 1H RSI can push above 70.
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