EUR / USD: There is A Short-Term Correction

EUR / USD: There is A Short-Term Correction

As the EUR / USD stopped somewhat due to the fluctuation slightly below 1.16, the 4-hour chart on Thursday indicates slightly excessive buying conditions. FXStreet analyst Yohay Elam believes the binary technical outlook suggests a correction. “The Relative Strength Index on the 4-hour chart is above 70, which indicates overbought conditions and decline. EUR / USD is trading above the 50, 100 and 200 Simple Moving Average. " “Resistance awaits at 1.16, a high and psychologically important level. This is followed by the 1.1620 level, which has seen a peak since the end of 2018 and is the launch price of 1.17 - EUR / USD. " “Support is the lowest of the day at 1.1560 and then at 1.1505. Then, 1.1470 and 1.14 EUR / USD are waiting. "