Euros broke the Double Top, slightly, coming to 1.3116. We are seeing divergence on the 4hr charts which makes a little sense as we have hit the medium term 38.2 Fib level at 1.3117. Now today we may well see the market retreat from these higher levels and come back to the comfort of the 1.3050/44 support.
Currently the market is entering overbought territory, but as yet the dailies are not turning bearish, so we use the 1.3117 to 1.3125 as a benchmark for the topside. If we fail to break above here then we will trade lower back to the above stated support level.
However if we do break above 1.3125 and hold above here we are likely to see the market trade higher and we would be looking at 1.3175 as the overall target. Now this would seem to be the top of any rally...due to these overbought indicators evident. Thus cover any longs here and attempt shorts looking for a pullback to more manageable levels.
EUR/USD" title="EUR/USD" width="985" height="616">
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EUR/USD: Retreat From Higher Levels?
Published 06/06/2013, 08:18 AM
Updated 07/09/2023, 06:32 AM
EUR/USD: Retreat From Higher Levels?
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