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EUR/USD Upleg Persists, Now Most Overbought Since 2020

EUR
  • EUR's upleg persists in early Tuesday trade, with EUR/USD spot pushing to a new multi-month high at 1.1272. This puts prices on track to test the first key resistance at 1.1274, with moving average studies remaining in bull-mode position to reinforce current trend conditions.
  • The recent run higher has naturally pushed the RSI north, with the 14-d RSI now touching 76, making the pair the most technically overbought since mid-2020.
  • USD Index under new pressure on the EUR move, putting prices within range of 99.578, the recent low support. Moves come ahead of the retail sales release for June due later today, as well as the June industrial & manufacturing production reports.

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