EUR/USD Extends Bullish Rally, Faces Strong Resistance at 1.1040
During the previous trading session, the EUR/USD pair continued its upward momentum, extending the ongoing bullish rally and eventually encountering a formidable resistance level at approximately 1.10400. As for today, it appears that the EUR has initiated the market opening with a rebound in this particular area. Notably, the Relative Strength Index (RSI) is currently situated in the overbought territory, signaling a potential divergence.
Based on these observations, our analysis suggests the likelihood of a short-term bearish impulse and a potential reversal in the market. Considering the overbought RSI and the presence of a divergence, we anticipate a corrective move to the downside for the EUR/USD pair today.
It is important to exercise caution and closely monitor price movements, as the market can be dynamic and subject to sudden shifts in sentiment.
Based on these observations, our analysis suggests the likelihood of a short-term bearish impulse and a potential reversal in the market. Considering the overbought RSI and the presence of a divergence, we anticipate a corrective move to the downside for the EUR/USD pair today.
It is important to exercise caution and closely monitor price movements, as the market can be dynamic and subject to sudden shifts in sentiment.
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