EURUSD Volatility ahead but bearish on a 1-month horizon.

23 lugThe EURUSD pair is pulling back as per our last week's trading plan (July 16, see chart below) and reached the bottom of the (dashed) Bullish Leg:

The long-term pattern remains a Channel Up but as mentioned last week, the current Bullish Leg is about to get exhausted. On the previous Bullish Leg it did on a Double Top. Regardless if that takes place or not eventually and creates volatility for the next 7 days, we expect a new Bearish Leg to start and lead to and end-of-August Higher Low. Our Target remains 1.07250.

On a side-note, the 1D RSI got rejected exactly before hitting the 70.00 overbought barrier, and the last 2 times that took place in 2024, it turned out to be the most optimal medium-term Sell Signal.

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