EUR/USD Technical Analysis: At 3-week highs, minor pullback likely before further gains

The EUR/USD pair is currently trading at 1.1508 – the highest level since Jan. 11 – on the back of dovish Fed and could rise further toward the Jan. 10 high of 1.1570, albeit after a minor pullback, as the short duration charts are reporting overbought conditions.

Hourly chart

  • As seen above, the RSI is holding in overbought territory above 70.0, validating bull exhaustion signaled by the long upper shadows attached to the previous two hourly candles.

15-min chart

  • The RSI on the 15-min chart is not confirming higher highs seen in EUR/USD. Put simply, the indicator has diverged in favor of the bears. The pair, therefore, could fall back to 1.1480 before resuming the post-Fed rally.

Trend: Bullish but minor pullback likely


Today Last Price: 1.1508
Today Daily change: 27 pips
Today Daily change %: 0.24%
Today Daily Open: 1.1481
Daily SMA20: 1.1422
Daily SMA50: 1.1393
Daily SMA100: 1.1446
Daily SMA200: 1.1568
Previous Daily High: 1.1502
Previous Daily Low: 1.1406
Previous Weekly High: 1.1418
Previous Weekly Low: 1.1289
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Daily Fibonacci 38.2%: 1.1466
Daily Fibonacci 61.8%: 1.1443
Daily Pivot Point S1: 1.1424
Daily Pivot Point S2: 1.1367
Daily Pivot Point S3: 1.1327
Daily Pivot Point R1: 1.152
Daily Pivot Point R2: 1.156
Daily Pivot Point R3: 1.1617

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