EUR/USD Technical Analysis: At 3-week highs, minor pullback likely before further gains

Omkar Godbole FXStreet Contributor

The EUR/USD pair is currently trading at 1.1508 - the highest level since Jan. 11 - on the back of dovish Fed and could rise further toward the Jan. 10 high of 1.1570, albeit after a minor pullback, as the short duration charts are reporting overbought conditions.

Hourly chart

As seen above, the RSI is holding in overbought territory above 70.0, validating bull exhaustion signaled by the long upper shadows attached to the previous two hourly candles.

15-min chart

The RSI on the 15-min chart is not confirming higher highs seen in EUR/USD. Put simply, the indicator has diverged in favor of the bears. The pair, therefore, could fall back to 1.1480 before resuming the post-Fed rally.

Trend: Bullish but minor pullback likely

EUR/USD

Overview:
    Today Last Price: 1.1508
    Today Daily change: 27 pips
    Today Daily change %: 0.24%
    Today Daily Open: 1.1481
Trends:
    Daily SMA20: 1.1422
    Daily SMA50: 1.1393
    Daily SMA100: 1.1446
    Daily SMA200: 1.1568
Levels:
    Previous Daily High: 1.1502
    Previous Daily Low: 1.1406
    Previous Weekly High: 1.1418
    Previous Weekly Low: 1.1289
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1466
    Daily Fibonacci 61.8%: 1.1443
    Daily Pivot Point S1: 1.1424
    Daily Pivot Point S2: 1.1367
    Daily Pivot Point S3: 1.1327
    Daily Pivot Point R1: 1.152
    Daily Pivot Point R2: 1.156
    Daily Pivot Point R3: 1.1617

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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