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The price is overbought

17 August 2016, EUR/USD

Four-hours chart of EURUSD. The pair has shown a fairly strong growth, breaking the main resistance level (8/8) and having consolidated in the overboughtness zone. This zone shows a strong resistance by its entire area, so the upward movement often involves downward corrective pullbacks and reversals of strong trend moves. At the same time, on a breakthrough of the level (8/8) and stop of the price at the level of (1/8), the level (8/8) on the reverse side is often retested. This is the main version we consider now

Trading solutions: None

Nikolay Krishtopov
FreshForex Analyst
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