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The pair is overbought

18 August 2016, EUR/USD

 Four-hours chart of EURUSD. On a corrective pullback the pair has failed to hold (8/8) and was supported by the four-hours SuperTrend line. The pair has continued its upward movement. But do not forget that the price is overbought and thus further upward movement may be accompanied by multiple setbacks. The basic plan is a downward pullback and an attempt to retest level (8/8).

Solutions: sales from current levels with a stop set at the current local High. The nearest goal is 1.1230 (8/8)

Nikolay Krishtopov
FreshForex Analyst
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