The EUR/USD has been rallying since the start of the year after consolidating around 1.04 at the end of 2016. It should be noted that these were new lows for 2016. EUR/USD Daily Chart 1/31(click to enlarge)Bearish Signs on the 4H chart:- After a month of choppy climb, the EUR/USD's ascent looks shaky.- As we can see on the 4H chart, price stalled just under 1.08 and formed a price top last week.- Price also ended last week threatening the rising wedge support.- Then price action during the 1/30 session broke this support.- Now, we need to see the 4H RSI to break below 40 to provide evidence that the prevailing bullish momentum is truly lost.EUR/USD Daily Chart 1/31(click to enlarge) Bearish Signs on the Daily Chart:- If you look at the daily chart below,- On the daily chart, we can clearly see that the prevailing trend coming into 2017 was bearish. - Next look at the bearish candle that broke the rising wedge. It was a strong one in that the high was above previous candle and the low was below the previous couple. - The "long tail" of that breakout candle is the only thing that bothers me a little. It shows that bulls are fighting back against this breakout, seeing opportunity to buy on this dip.- Now, the RSI is at 60. On the daily chart, the prevailing momentum is bearish and if the RSI holds under 60, the prevailing bearish momentum would be considered "maintained".- So we have several bearish signs along with a couple signs of resilience. I would anticipate a bearish attempt towards 1.04 more confidently than a move higher. And if price does push higher, I would still anticipate resistance around 1.08.