EUR/USD Friday’s 4-hour chart is showing overbought conditions that imply a correction, Yohay Elam, an analyst at FXStreet, informs.
See: EUR/USD reachs 1.1333 initial target, aims 1.1495 March peak – Commerzbank
Key quotes
“The Relative Strength Index on both the daily chart and the 4-hour one is above 70 – pointing to overbought conditions. That implies a correction. Other indicators such as momentum remain positive.”
“The daily and 11-week high is 1.1383, which may serve as immediate resistance. Further above, 1.1410 was a temporary cap in March and is the next line to watch. The peak in that turbulent month of 1.1495 is the upside target.”
“The daily low 1.1325 is the first support line. It is followed by 1.1255, which held EUR/USD down on Thursday, just before the surge.”
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