Technical Analysis: Euro overbought and pulling back
Turning to the charts, the overall short-term picture for EUR/USD is that the pair has been rising since February in an uptrend that continues to slightly favor bulls, but there are increasing signs a correction may be about to unfold.
The Relative Strength Indicator (RSI) has exited the overbought zone on the 4-hour chart, providing a sell signal. The RSI has also formed a pattern at the highs (circled), which resembles a Head and Shoulders reversal pattern. This reinforces the sell signal
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