EURUSD Confronts a Larger Barrier at 1.1257 Level While Exiting Overbought Positions

EURUSD Price Analysis – June 4

EURUSD ‘s latest dip from a high of 1.1257 while vacating overbought positions to a level of around 1.1200 could pave way for the rally to recover. In recent days the awaited announcement of the ECB ‘s decision has risen and improved the euro – potentially putting the FX pair higher.

Key Levels
Resistance Levels: 1.1495, 1.1366, 1.1257
Support Levels: 1.1020, 1.0870, 1.0635

EURUSD Long term Trend: Ranging
After seven daily progressions in a row, ranging at 3-month highs in the previous session’s level of 1.1257, EURUSD is now under some downward pressure and falling to the sub-1.1200 area. Sellers in the pair moved in following conditions of overbought (according to daily RSI).

The pair is presently declining 0.27 percent at level 1.1203 and confronts initial support at level 1.1020 followed by level 1.0950 and eventually level 1.0870 (low). On the contrary, a 1.1257 (high) level breakthrough may aim 1.1366 (high) inching closer to 1.1458 (high) level.
EURUSD Short term Trend: Bullish
On the 4-hour chart, the Relative Strength Index has fallen underneath 70, exiting overbought conditions. Momentum stays upside-down and the pair shifts between the 5 and 13 moving average. Resistance lies at level 1.1236, a necessary step on the way to the top in the last few days, leading to a new high of 1.1257 level.

The next significant level to note is level 1.1366 as seen on the daily chart. Short term support beckons at a level of 1.1183, a support line in recent days, trailed by a level of 1.1146, a high swing from April, and also a range sealer.

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