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

EUR/USD – 240 min Chart.