now clearly here we get a H&S formation which mostly acts as a bearish pattern, now usually i dont believe in patterns but some other facts are also indicating towards bearish scenario as the upper trend line you see is the very first resistance, meanwhile the white horizontal line you see is 21 WEMA, so definitely we could expect a sell off from here RSI is now also moving in overbought area
here's the monthly chart showing the bigger picture the trend line you see coming right away from 2008, prices had several attempts to break this earlier but failed multiple times, also 21 MEMA resistance is in action exactly at 1.127
here in daily chart we see a clear H&S formation and current rally more looks like a pullback or a dead cat bounce also the 21 WEMA sittong exactly on 1.109 level my custom rsi has jumped exactly from the green zone which could be more like a dead cat bounce
my custom rsi in 4h chart, quite bullish in short term as almost moved in the red zone, probably EURUSD could enter in a consolidation pattern here for a while