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Bull Channel But Overbought

EURO-DOLLAR TECHS
  • EURUSD has appreciated over 4% this month.
  • Trend conditions are bullish particularly following the breach of
    1.1422, Jun 10 which saw the pair register fresh highs for the year.
  • Technical trend signals though are overbought. We are monitoring
    price action for any signs of a near-term top.
  • Momentum, reflected by the 14-day RSI is above the 70% threshold.
  • Price around 1.1790 is trading at a much higher level than the 50-day
    EMA, at 1.1325. This deviation highlights an overbought reading.
  • A bull channel drawn off the May 14 low provides parameters that
    can assist in managing current bullish momentum.
  • The channel top intersects at 1.1843, an important resistance.
  • A failure ahead of this level would signal a potential top.
  • This would signal a correction, opening the 1.1419 channel base.
  • Gains through the channel top though reinforce bullish conditions.
  • See EURUSD chart.
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