EURUSD hit a fresh 2 1/2 -year high of 1.1959 today. The pair has shifted to bullish from neutral after breaking out of a 3-week consolidation phase between 1.1661 and 1.1900. What was previously the top of the range and a strong resistance level, the key 1.1900 level is now expected to act as support. There is scope to target the next key round-figure at 1.2000. But technical studies show that the market is close to being overextended since RSI is approaching 70 (overbought level), suggesting that upside momentum is fading. MACD has turned back down. A correction to the downside cannot be ruled out. A break below ... (full story)