EXPECTING A PULLBACK FOR MORE UPSIDE

Looking at the RSI on both the Daily and H4 time frame, we can see that EURUSD is overbought while on the weekly time frame it is trading at just above 50 which shows the potential for more upside to come. This means that on the lower time frames, I am expecting to see a pullback which I estimate will be to around the 1.10 level before we see a continuation to the upside. Wave patterns also suggest that a break of the current channel to the upside is likely.

Happy trading!

Linton White
JP Markets
South Africa