EUR/USD: Severely Overbought
Jason Sen | May 23, 2017 06:03AM ET
EUR/USD severely overbought so the question is can we close 2 days above 1.1210. I think risks are to the downside and failure to hold above 1.1200 should be seen as short term negative. First support at 1.1165/60 but a break below 1.1150 signals a move towards strong support at 1.1110/00. Try longs for a potential quick bounce, with stops below 1.1070.
Holding above 1.1210 risks a retest of 1.1260/63 highs. A sustained break above 1.1265 however targets 1.1299/10, the high last seen on the day of the US election in November.
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