EUR/USD Retracement is Needed

The EUR/USD has formed an overbought condition and we might see a relief before the next rally.

1.1800 zone showed some sellers as the price is retracing lower. At this point we might see buyers around 1.1737 but more likely around 1.1705. If buyers take over again then 1.1817 is next and 1.1843. However, a retracement is needed and IMO, price might retrace to the POC zone before the next bounce. Only below 1.1700 we might go for a deeper retracement – 1.1572.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.