EURUSD Technical Analysis: Overbought Situation
In today’s EURUSD technical analysis, we review the pair’s price action in the daily and 4-hour chart for a comprehensive analysis.
The EURUSD pair has made a significant upward move from the 50% Fibonacci level and is currently testing the 61.8% level. The RSI indicator is nearing the overbought area.
To gain better insight into the EURUSD technical analysis, it’s important to analyze the lower time frame as well.
The pair is moving upward, clinging to the median line of the bullish channel. The market trend is extremely bullish. We suggest waiting for the price to ease near the lower band of the bullish channel. Considering the overbought situation of the pair, going long is not recommended for retail traders.