EURUSD Hasn't been that overbought October-end


Well-known member
The EURUSD pair is on a very strong Resistance juncture. On the 4H time-frame, the technicals are highly overbought ( RSI = 70.959, MACD = 30.330, ADX = 35.204) and the RSI in particular hasn't been that overbought since October 26th 2022, which was a short-term top at the time leading to a pull-back.

The main pattern is a Bullish Megaphone with upside potential still but the shorter patterns show a Higher Highs (HH) hit and an Aggressive Rising Wedge that need correction.

If the price breaks below the Wedge , we anticipate at least a direct hit on the 4H MA200, if not the 1D MA50, which is headed for the bottom of the Bullish Megaphone. The upside target is 1.09360, the High of April 21st 2022.
Comments and likes are greatly appreciated.
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