EURUSD broke above its Channel Down and is testing the 1H MA200

EURUSD has been on a multi-month downtrend. Today howver the price broke above its short-term Channel Down on the 1H time-frame and is currently testing the 1H MA200 (orange trend-line) for the first time since November 10. A closing above it should be taken as a bullish signal towards the higher Resistance levels (first 1.13750) which as you see happen to be somewhat aligned with the Fibonacci extensions. Taking into account the fact that the RSI on the 1D time-frame is oversold and formed a Double Bottom yesterday, it is possible that the long-term downtrend is losing its momentum and this is the start of a new month long rebound.

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