The Euro is slowly becoming overbought. Look at the weekly chart below. We are already trading past the 80 level on the Stochastic Oscillator, a level which signifies an overbought market condition. But that on it's own shouldn't be traded upon.

Exhibit number two is the second picture below. We are nearing a cluster of previous resistance levels, starting from this month's high at 1.1268 to the 1.1302 spike on Trump election day. Higher up more levels can be found at 1.1370, 1.1428 and of course the 1.1500 round figure.

All of these levels will keep a downward pressure on prices. At the same time the current bull trend will keep an upward pressure. These two opposite forces will help to keep the EUR/USD right where it is at 1.1242 during June.
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