EUR/USD: Overbought conditions
EUR/USD topped the 200 Simple Moving Average after previously rising above the 50 SMA as Friday's four-hour chart is pointing to overbought conditions, as FXStreet’s analyst notes.
“The Relative Strength Index on the four-hour chart is flirting with the 70 mark – signaling overbought conditions while the currency pair is battling the 100 SMA and momentum remains positive.”
“Resistance awaits at 1.1085, the daily high, followed only by 1.1240, a high point last week.”
“Euro/dollar is battling 1.1050, and the next level to watch on the downside is 1.10950, which separated ranges last week. Next, 1.0890 was a swing high earlier this week and now works as support.”