FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the technical conditions surrounding EUR/USD.
Key Quotes:
Technically speaking, selling interest has capped rallies around the current level since May this year - dismissing the Black Monday high of 1.1713 - which means that if the level is broken, the rally can extend over the upcoming sessions. The short term picture is bullish, despite the technical indicators are in overbought territory in the 1 hour chart, but there are no signs the pair may change course any time soon. In the same chart, the price is well above its moving averages, all with strong bullish slopes, supporting further advances.
"In the 4 hours chart, the RSI indicator heads higher around 80, while the rest of the technical readings are in line with a continued advance. Nevertheless, some downward corrective movement should not be disregarded, with buyers most likely surging on approaches to the 1.1400 figure."
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