OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD: Overbought conditions

EUR/USD has been advancing amid hopes for an imminent Fed rate cut but the ECB may follow. Monday's four-hour chart is showing overbought conditions, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“The Relative Strength Index on the four-hour chart is well above the 70 mark – indicating overbought conditions. That implies a snap back to lower levels. Other indicators such as momentum are positive while the pair trades above the 50, 100, and 200 Simple Moving Averages.”

“Resistance awaits at the round number of 1.11, which held EUR/USD down in early February. It is followed by 1.1120.”

“Support is at 1.1050, a swing high from Friday. It is followed by a temporary cap of 1.1010.”


GBP/USD holds weaker near session lows, around 1.2765-60 region post-UK PMI

The GBP/USD pair held on to its mildly weaker tone near session lows, around the 1.2760 region, and had a rather muted reaction to the UK macro data.
Read more Previous

China: PMI’s sharp drop to delay economic normalisation – ANZ

The sharp drop in China’s manufacturing PMI in February reinforces the view of analysts at ANZ Research that the normalisation in economic activity wi
Read more Next
Start livechat