The EUR/USD pair was trading at the level near point 1.16 according to the presstime that will be having the hit of the multi-month high at the level 1.1627 on Thursday.
The 14-day relative quality list is currently publishing overbought conditions with an over 70 print. The currency pair has increased over 1.6% this week and is up almost 1,000 pips from the March low of 1.0636.
All things considered, one may feel attracted to early end the bullish trend. Be that as it may, an overbought perusing on the RSI doesn’t suggest a bullish-to-bearish pattern change. It basically indicates the assembly has gone excessively far in a brief timeframe and shows the scope for the impermanent union.
The pair will stay bullish regardless of the overbought perusing on the RSI. Key levels to keep an eye out for on the higher side are 1.1616 (May 2016 high) and 1.18 – the obstruction of the trendline dropping from July 2008 high and May 2014 high. On the lower side, 1.1495 (March 9 high) is the level to beat for the bears.
The EUR/USD 4- Hour Chart that will be reporting a bearish to the divergence of the RSI. It will pull back to the minor at the level 1.1550.