EURUSD technical analysis: The RSI is overbought as it dips near 1.1000. pushes a three-day victory run while backing away from a horizontal obstacle that has been there for a week.
EURUSD reversal movements are strengthened by the overvalued RSI (14) figure.
As it takes offers to reverse intraday gains near a one-week high. Moving below 1.1050 near early Tuesday morning in Europe, EURUSD is on the verge of creating its first intraday drop in four days. In the process, the overbought RSI (14) mark. And an immediate crucial horizontal resistance acted as a turning point for the Euro duo.
Given this, those selling this pair are in a good position to test a couple-week-old horizontal support area of about 1.1000.
Still, following that, the EURUSD bears may face resistance from the 200-Hour Moving Average (HMA). And an upward-sloping trend line since April 10 that are both located at 1.0985 and 1.0960. Both parts of a bearish triangle formation.
The probability of seeing a south push towards the 61.8% Fibonacci retracement mark of the April 10–14 up. Which is close to 1.0930, and can serve as the final line of protection for investors. In the event that the Euro unit falls below 1.0960.
The Euro-Dollar pair’s bullish hurdle is at the 1,1070 mark
On the other hand, a persistent break around the top line of the mentioned triangle, that is at 1.1070. It will defy the bearish graph formation and might push the price up to its latest multi-month top near 1.1075.
However, if the pair closes profitably above 1.1075. It won’t be long until it challenges the old-March 2022 peak at 1.1185. In general, the EURUSD duo is most likely to fall in the near term. Though, the bullish trend will continue as long as the price does not rise over 1.0930.
Fundamental Note on Euro
The euro is seeing some minor losses following a prior attempt to return to historic highs around 1,1075 on April 14.
The euro-dollar pair finally broke loose from the confined trading range of 1.09 to 1.10 on Monday. The European currency managed to climb quite a little stronger from the level of 1.10. Owing to a slight upward trend that, as it has consistently stressed, is still in the course of things.
The rise of the Euro currency was based on the overall environment, which recently marginally supported the Euro. As a result of the more aggressive stance of the ECB rather than on a crucial trigger directly supporting this trend.
