EURUSD Finds New High in Over 2 Years 

EURUSD CHART PRICE – EURUSD DAILY

The Euro has made big progress over the US dollar in the last 6 trading sessions, today it has found a new high in the last two years, currently trading at 1.193 levels, we can see that the some technical indicator tell us that it is time for the Euro to start a reversal since the Relative Strength Index is at 72% which is considered overbought, the price trades over the ichimoku cloud and the upper bollinger band is opening up, these are mixed signals, we could expect a trend change soon, but we don’t want to go against the current trend, we need to wait longer and see if the price starts falling in order to make a trading decision, right now I believe is too soon to short it as we had to adjust our fibonacci retracement to the new high, the moving averages are getting further apart and so far the only evidence we have to believe is will come back down is the RSI which is not enough to make a prediction, lets monitor the RSI and the price and if they start falling then we can run some other technical indicators to back up a downtrend.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.