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The Euro has finally started topping out in the short-term, thanks to a bit of strength finally coming back into the USD. While we’ve been bearish on the EUR/USD for a little while now, the sharp jump this week has caught many traders by surprise.

Taking a look at the 240-min chart, you can see that we’ve bounced off the 200-SMA. For those looking at a short position, I would be tempted to look at the price action on the next attempt and if there is some selling pressure, this might represent a good short.

Otherwise, the key support and resistance levels will be great opportunities to look for turning points.

 

Key Support and Resistance Levels

Support	Resistance
1.1736	1.1880
1.1700	1.1900
1.1663	1.1932

EUR/USD – 240 min Chart.