EURUSD: Overbought on 4H, may experience a short term pullback.

16 giu 2023

EURUSD turned overbought on the 4H time frame (RSI = 74.381, MACD = 0.005, ADX = 54.586) following the parabolic rise yesterday. As we mentioned on our analysis last month, the pair has been rising strongly basically since the May 31st bottom. As the 4H MA50 is about to cross over the 4H MA200 for the first time since March 21st and form a Golden Cross, we expect a pull back first near the 0.618 Fibonacci.

We will buy at 1.08450, assuming the 4H MA50 gets hit, and target R1 (TP = 1.10075).

Prior idea:

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