EUR/USD Has Approached The Relative Overbought Level On Daily Time

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the EURUSD. The EUR has strengthened off of the split between the ECB voting members and weakness in the greenback following the weak manufacturing and non-manufacturing PMI numbers. However, the leg may be corrective in nature. To this end, price has retraced 61.8% of the previous impulse move down. This Fibonacci level often acts price as resistance. We also note that the RSI has approached the relative overbought level (green rectangle). We continue to monitor.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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