The EUR/USD pair is trading at 1.1892 at press time, having put in a 25-month high of 1.1905 earlier on the day. Nonetheless, Friday’s 4-hour chart is pointing to stretched overbought conditions, which implies a deep correction, FXStreet’s analyst Yohay Elam. Key quotes “The Relative Strength Index on the 4-hour chart is considerably above 70 – showing overbought conditions and implying a sharp correction. Euro/dollar appears overbought also on the daily chart.” “The fresh high of 1.1909 is the immediate line of resistance, and there are no notable caps until the all-important 1.20 level which was a swing high in May 2018.” “Looking down, 1.1850 was a peak in the summer of 2018 and is now support. It is followed by 1.1805, the initial peak earlier this week, and then by 1.1780.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD consolidates in a range above 1.3400 mark, Canadian GDP in focus FX Street 3 years The EUR/USD pair is trading at 1.1892 at press time, having put in a 25-month high of 1.1905 earlier on the day. Nonetheless, Friday's 4-hour chart is pointing to stretched overbought conditions, which implies a deep correction, FXStreet’s analyst Yohay Elam. Key quotes “The Relative Strength Index on the 4-hour chart is considerably above 70 – showing overbought conditions and implying a sharp correction. Euro/dollar appears overbought also on the daily chart.” “The fresh high of 1.1909 is the immediate line of resistance, and there are no notable caps until the all-important 1.20 level which was a swing high in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
