The EUR/USD pair has been trending up within the depicted bullish channel having a strong move from 1.2650 towards 1.3300.
Price Level 1.3300 (psychological resistance) expressed quite significant bearish price action reflected in the last few daily candlesticks. However, it's not yet a sign of reversal but just a reflection of a sideways consolidation, roughly between 1.3300 and 1.3190.
The bullish momentum is lost in the 4H & 1H charts. Looking at the consolidation range again, note the middle is around 1.3245. Fixation below this zone can be a sign of bearish domination. However, a break above 1.3250 gives a bullish bias to the sideways consolidation to retest the upper limit at 1.3300 again.
If the price fixates below 1.3180, it is probably indication of some bearish correction, may be rendered as a double top reversal pattern, which indicates a short-term correction. However, fixation above 1.3320 invalidates the bearish scenario for the current time.
Targets: the 4H chart shows the breakout projection towards 1.3080 area, but we have some key levels to be watched. Note that 50% Fibonacci retracement of December’s rally is at 1.3090.