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EURUSD plays defense near overbought conditions
EURUSD has experienced significant gains in the past 10 days, smashing its recent resistance levels and posting a fresh 17-month peak last Friday. However, it seems that the bulls cannot extend the recent rally as the pair has approached overbought conditions. The momentum indicators currently suggest that the recent rally could be overstretched. Specifically, the MACD is not only above both zero and its red signal line but also at its highest levels since January 2023, while the RSI is directionless within the 70-overbought zone. Should the advance falter and the pair correct to the downside, the previous peak of ... (full story)