The 1H EUR/USD chart shows a bullish channel formed last week from the 1.0818 low. After tagging 1.10, the pair retreated and is now starting the week with a potential bearish continuation breakout. EUR/USD 1H chart (6/1)(click to enlarge) The 1H chart shows price still under the 200-hour SMA and the RSI holding below 60 for the most part. This essentially tells us that the mode even in the near-term is still bearish. A break below 1.1025 would clear the rising channel support, and put price back below the 100- and 50-hour SMAs. If the 1H RSI falls below 40 as well, we are likely going to see a bearish continuation attempt towards 1.0818 next week. Now, to the upside the 1.0974 pivot is important. If there is a pullback whether 1.0925 is broken or not, a hold under 1.0974 would reflect bearish bias. If 1.0925 was not broken yet, it will likely break and give way to a bearish attempt towards 1.0818. If 1.0925 was already broken, then a hold under 1.0974 would confirm the shift back to the bearish mode, with the same outlook towards 1.0818. EUR/USD 4H Chart 6/1(click to enlarge) The channel seen in the 1H chart looks more like a flag or pennant pattern in the 4H chart. In fact, the bearish outlook is more clear in the 4H chart where price is still holding under the 200-, 100-, and 50-period SMAs and the 4H RSI is still under 60. Now, if price does climb back above 1.0974, the next key pivot to monitor for resistance will be around 1.1065. Resistance here would keep the bearish outlook intact. It might take a break above 1.1150 to open up the bullish outlook.