EURUSD Near the top of the Channel

EURUSD on the 1D chart is bullish but not overbought (RSI = 65.968, MACD = 0.009, ADX = 48.178) contrary to what many would believe because of its continuous rise since the September bottom. Within the Channel Up pattern it has formed, it is however near the top of the pattern and with the 1D RSI on a bearish divergence, it is technically more probable to witness it retrace back to the 1D MA50.

That is the trade within the Channel Up, which is the principal pattern on the chart. Above it, the price becomes increasingly bullish and can climb on the momentul towards the 1.11850 Resistance until it becomes overbought. Equally below the Channel Up and the 1D MA50, the price will seek the support of the 1D MA200 as a last resort.


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