EUR/USD Price Analysis: Technical correction in the offing?

EUR/USD fades the earlier uptick to the 1.1270 zone.
Extreme overbought condition might prompt a correction.

Pablo Piovano FXStreet

EUR/USD retreats from earlier YTD peaks around 1.1275 on Tuesday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions (as per the day-to-day RSI near 75) might spark a corrective knee-jerk.

Further north of the 2023 top at 1.1275 (July 18), the pair is expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0666.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1235
Today Daily Change	52
Today Daily Change %	0.00
Today daily open	1.1235

Trends
Daily SMA20	1.0982
Daily SMA50	1.0874
Daily SMA100	1.086
Daily SMA200	1.066

Levels
Previous Daily High	1.1249
Previous Daily Low	1.1203
Previous Weekly High	1.1245
Previous Weekly Low	1.0944
Previous Monthly High	1.1012
Previous Monthly Low	1.0662
Daily Fibonacci 38.2%	1.1231
Daily Fibonacci 61.8%	1.1221
Daily Pivot Point S1	1.1209
Daily Pivot Point S2	1.1184
Daily Pivot Point S3	1.1164
Daily Pivot Point R1	1.1255
Daily Pivot Point R2	1.1275
Daily Pivot Point R3	1.13

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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