For Traders

Analytical Reviews

Technical analysis

24.06.201916:22 Forex Analysis & Reviews: EURUSD short-term overbought

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD has made new higher highs at 1.1398 thus far with price reaching the equality target with respect to the first upward leg from 1.1107 to 1.1347. The RSI is at short-term overbought levels so a pull back is justified.

Red lines - wedge pattern broken

Blue lines - comparing two bullish moves

EURUSD has almost reached the level that will make the second upward move equal to the first. The RSI is overbought so a short-term pull back towards 1.1350 should not come as a surprise. The RSI has not given any topping sign nor a reversal sign. Trend remains bullish in short- and medium-term trend. The break out above the wedge pattern is a medium-term bullish signal implying we could see 1.17 and higher over the coming weeks. Support is at previous highs at 1.1350 and next at 1.13. Trend changes only with a break below 1.1180.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.