As shown on the 60 min chart below , bearish breakout has been already confirmed at 1.2890, an hourly closing below this level followed by RSI break below 40 level , would add strong bearish momentum in short term testing 1.2850/1.2800 levels,1.2890 would serve as resistance , If RSI holds above 40, the EURUSD will be in consolidation mode in short term !!

But in return, a failure to close below 1.2890 might give us a positive reversal signal testing 1.2940 once again, a clear break above 1.2940 would give us strong bullish momentum targeting 1.3000 levels !!

In the medium picture , a daily closing above yesterday's high 1.2927 is indeed to resume the upward move toward 1.3050/1.3212 levels...

Stability below 1.2927 might lead for deeper correction toward 1.2755 before the next rise , but remember a weekly closing above 1.2815 is indeed to keep the bullish trend healthy , a weekly closing below 1.2815 is a sign that the bullish momentum might be lost !!

Best Regards

Haitham653