EUR/USD is currently testing important resistance at 1.1715. A clear break above this level will call for much more upside pressure in the weeks to come. A clear break above resistance at 1.1715 will call for a rise higher to 1.2216 as the first target on the way higher is 1.2854.
EUR/USD does look quite overbought at the moment.However, traders should be careful, as it can stay overbought for many weeks if we now are in wave iii of 3 as we expected. Just look what happend from April 2017 to August 2017 when EUR/USD rallied by more the 1,100 pips.
R3: 1.2100
R2: 1.1936
R1: 1.1816
Pivot: 1.1715
S1: 1.1678
S2: 1.1605
S3: 1.1536
Trading recommendation:
Buy a possible dip into the 1.1500 - 1.1536 area or a break above 1.1773
The material has been provided by InstaForex Company - www.instaforex.com