EUR/USD is sitting at 1.1770-1.1790, taking it easy just below a key trendline that’s had price bumping up against it at 1.1820. Despite the very short-term bounce, the overall trend is still up, with higher lows and a rising line on the chart to keep things feeling positive.
With price sitting comfortably above both the 50-day and 200-day SMAs, the wider trend is still looking all bullish, but price keeps getting knocked back down at 1.1800-1.1820 – that’s gotta be a sign of overbought, right?. RSI is also easing off those crazy high levels, so some momentum is cooling.
A clean break above 1.1820 could maybe get things moving towards 1.1880-1.1900, but if price keeps getting rejected there, you might see a pullback to the lower end of support at 1.1710-1.1750.
Trade idea: Looking for a bounce? Buy above 1.1820, target 1.1880, and stop below 1.1750.
