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Wednesday, June 21, 2017

EUR/USD: OVERBOUGHT...

Another currency pair that has entered its overbought condition. There is an opportunity to open a short position for this currency pair and take profit for the next 6 hours. 

As seen in the following picture, EUR/USD will most probably try to enter the yellow area which is in between 1.11616 and 1.11428. Historical data has shown that 1.11428 is not going to be that difficult to be broken.



It is recommended to take short position and take profit above 1.11428.

Shall EUR/USD reaches 1.11850, it will take some time for the pair to go down again. 1.12052 will be a Strong Resistance Level that would try to hold the pair from going up further.