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The bulls have been charging in recent sessions due to an exodus from emerging market currencies, (EM-FX), fuelling a buyback in the euro, borrowed to for its lower borrowing costs to fund higher-yielding investments. However, in recent sessions, we have started to see a build-up of selling volume and a rounding-top in EUR/USD with the price pressured in a series of lower highs and lows back to a 23.6% Fibonacci retracement of the move up. As can be seen, the price is resting at a monthly level. Should this give way, from a volume profile analysis, we can see that the higher volume nodes in recent sessions have been already tested until a 38.2% that guards a 50% and then a 61.8% Fib target.