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.

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

While the continuation of the upside momentum appears favored 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

(Click on image to enlarge)


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

More By This Author:

EUR/USD Price Analysis: Initial Hurdle Comes At 1.1250
USD Index Fades The Uptick To The 100.00 Region
Natural Gas Futures: A Deeper Retracement Seems On The Table

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments