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9 Mar 2020
EUR/USD: Overbought conditions
In the wake of the dramatic moves, the daily chart is more useful than the four-hour graph. EUR/USD Monday's daily chart is showing overbought conditions, as FXStreet’s analyst Yohay Elam notes.
Key quotes
“The Relative Strength Index is above 70 – indicating overbought conditions. While the RSI implies a correction, these are abnormal days. EUR/USD is trading above the 50, 100, and 200-day Simple Moving Averages, and momentum is to the upside.”
“Resistance awaits at 1.1450, which was a peak in March. It is followed by 1.1495, the daily high, but more importantly, by 1.1520, a high point in January 2019.”
“Some support awaits at 1.1410, which was the high point in June 2019.”