EUR/USD 75 RSI on Daily After Fresh Yearly High
It's been a strong trend in EUR/USD over the past few weeks. Last week saw a minor pullback with support showing at prior trendline resistance, and that was followed by an aggressive bullish breakout that pushed up to fresh yearly highs yesterday.
The move is well priced-in at this point and from the daily chart, RSI pushed deeply into overbought territory with a 75-reading showing at yesterday's daily close.
This is somewhat rare for EUR/USD: The last time RSI closed at 75 or higher on the daily chart was back in December of 2020, and the pair topped a few weeks later. There was a close call at the highs last year but RSI topped at 74.87 and didn't quite cross the 75-level.
As usual, RSI should not be approached as a timing indicator. But it can be helpful for context, highlighting bearish potential in the days or weeks ahead. At this point there's been a support bounce from around the 1.1100 handle, and the door is open for a lower-high by the end of the week which could strengthen the case for pullback or perhaps even reversal potential.
- js
The move is well priced-in at this point and from the daily chart, RSI pushed deeply into overbought territory with a 75-reading showing at yesterday's daily close.
This is somewhat rare for EUR/USD: The last time RSI closed at 75 or higher on the daily chart was back in December of 2020, and the pair topped a few weeks later. There was a close call at the highs last year but RSI topped at 74.87 and didn't quite cross the 75-level.
As usual, RSI should not be approached as a timing indicator. But it can be helpful for context, highlighting bearish potential in the days or weeks ahead. At this point there's been a support bounce from around the 1.1100 handle, and the door is open for a lower-high by the end of the week which could strengthen the case for pullback or perhaps even reversal potential.
- js
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