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EUR/USD at a Short-term Crossroad

I was wrong to think that EUR/USD was going to continue its bearish mode last week. It has done the exact opposite and still looks bullish today (8/13). However, the 1H chart will show that the pair has entered a short-term crossroad, where the direction for the rest of the week and the upcoming one might be initiated.

EUR/USD 1H Chart 8/13
(click to enlarge)

First of all, the bullish outlook is still intact even though the EUR/USD slid from 1.1213 to 1.1080. Price is now still above the 200-, 100- and 50-hour SMA, and the 1H RSI is still above 40. Price action also bounced up from a rising trendline. 

Now, the pair is testing a falling speedline coming down from a couple of sessions ago. A break above 1.1150 should clear this speedline and open up a bullish continuation scenario for at least the short-term. In this scenario, the 1.1213 high would be in play, with risk of opening up towards the 1.1275-1.13 area. 

IF price instead falls back below 1.11, then, the bullish correction outlook might be over. Below 1.11, price would have broken the rising trendline and the 50-hour SMA. We will need a couple more bearish clues - such as the 1H RSI falling to 30 - to revive the bearish outlook and put the 1.08 handle back into play.