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EUR/USD technical analysis: Overbought RSI questions another run-up towards 200-HMA

2019-06-20 08:50

  • Sustained trading beyond 100-HMA helps the buyers to target 200-HMA.

  • Overbought RSI challenges the upside momentum.



Having failed to visit 200-HMA during the post-Fed rally, the EUR/USD pair again rises towards the MA as it trades near 1.1255 during early Thursday.



However, overbought levels of 14-bar relative strength index (RSI) is likely again challenging the quote, which if ignored could flash 1.1267 figure comprising 200-hour moving average (HMA) on the chart.



Should there be additional rise past-1.1267, 61.8% Fibonacci retracement of recent 13-days’ decline at 1.1285 and 1.1300 round-figure may mark their presence.



Alternatively, 1.1245 and 100-HMA of 1.1223 can offer immediate support, a break of which can drag prices close to 1.1200 level.



Assuming bears’ dominance past-1.1200, latest low around 1.1180 and June 03 bottom near 1.1160 might flash on their list.



EUR/USD hourly chart





Trend: Pullback expected





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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