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Cover a baking sheet with parchment or waxed paper.
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Melt the white chocolate at HIGH in a microwave-safe dish for 15 seconds, stir and repeat until the white chocolate is almost melted. When almost all is melted, stir until all is melted and smooth.
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Once melted, separate the white chocolate into 3 bowls. Add pink coloring to one bowl of melted white chocolate and red to one bowl. Stir until well blended.
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See Notes*
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Dip 1 pretzel at-a-time in the melted white chocolate, swirl to cover all sides, gently shake excess white chocolate off the pretzel and place it on the covered baking sheet. Repeat until the desired number of pretzels is coated and in the desired colors.
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Allow the pretzels to dry, approximately 20 minutes, then use the extra melted white chocolate to drizzle the pink, red & white chocolate over the pretzels.
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Allow pretzels to dry completely then place them in an airtight container. Separate the pretzels layers with parchment. The covered pretzels will keep up to three weeks.
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Enjoy!