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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