EUR/USD early March’s daily chart is showing the pair is close to overbought conditions implying a correction is on the cards before the rally is resumed, Yohay Elam from FXStreet informs. Key quotes “EUR/USD has shot above the 50, 100, and 200-day Simple Moving Averages and the currency pair is enjoying upside momentum. On the other hand, the Relative Strength Index is flirting with 70 – entering overbought conditions.” “This technical situation implies a downside correction before the rally resumes. An extension of the upside move is supported by the break above the long-term downtrend support that accompanied the pair since early 2019.” “Support awaits at 1.1285, a resistance line from mid-2019. It is followed by 1.1240, December’s peak.” “The first line of resistance is 1.1350, which capped EUR/USD around June. Next, 1.1405 was the summer’s high point.” 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 White House’s Kudlow: Coronavirus looks relatively contained, stocks remain depressed FX Street 3 years EUR/USD early March's daily chart is showing the pair is close to overbought conditions implying a correction is on the cards before the rally is resumed, Yohay Elam from FXStreet informs. Key quotes “EUR/USD has shot above the 50, 100, and 200-day Simple Moving Averages and the currency pair is enjoying upside momentum. On the other hand, the Relative Strength Index is flirting with 70 – entering overbought conditions.” “This technical situation implies a downside correction before the rally resumes. An extension of the upside move is supported by the break above the long-term downtrend support that accompanied the pair… 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.
