EURUSD Moving toward high in FX market
1/15/2018 1:45:37 PM
The dollar took additional beating in Asia, driving the EURUSD to an intraday high of 1.2238.
Though, the currency pair unsuccessful to hold above 1.2241, probably due to overbought conditions as highlighted by the RSI on the dailies.
Friday's remarkable rally above 2017 high at 1.2103 to a 3-year peak of 1.2220 near NY close recommends EUR’s uptrend would continue after minor merging, though, overbought condition is probable to prevent strong gain and reckon projected res at 1.2277/85 may hold on 1st testing and yield a much-needed modest retracement later today in holiday-thinned N.
On the weakness, only below 1.2153/65 may risk stronger reduction to 1.2130/40 before view of another growth later this week.
FOREX market analysis by FxErvin.