EURUSD chops around at higher levels. Momentum higher slows. Will it rollover?

Watch 1.2364

The EURUSD has been chopping around at yet another higher level on the day, but just a look at the hourly bars, there are a lot of “ups and downs” and closes in the middle of the bars. Most are around the 61.8% retracement level (on closes that is).  

What the price action today also shows is a slowing of the momentum higher. The last three trading days has tested the topside trend line. Yesterday, the price peeked above the topside trend line, but failed.  

Today, that topside trend line has not been tested.  The momentum is slowing.  

Now on the downside, the lower channel trend line comes in at 1.2364 (and moving higher).  A move below that trend line would be a more bearish twist for the pair.  

Overall, the price action – choppy and slowing upside momentum – is suggesting some reluctance at the current levels.  We should be on alert for a rollover, but the lower trend line needs to be broken. Can that be anticipated?  Yes, but be sure to define risk too as we still sit above a lower upward sloping trend line….