The CHF had a terrible week and EUR is already above 1.1116 (0.61% fibo level since big fall in 2015) in his path to 1.2000
Last weekly candle was pretty strong compared with the rest and pair is clearly overbought. In a monthly timeframe it will be relatively soon.
It doesn´t mean that price will go down immediately but it´s an interesting moment to keep an eye. Maybe looking for 1.1516 (0.78% fibo) and then a retest at 1.1116 before keep going up.
Last weekly candle was pretty strong compared with the rest and pair is clearly overbought. In a monthly timeframe it will be relatively soon.
It doesn´t mean that price will go down immediately but it´s an interesting moment to keep an eye. Maybe looking for 1.1516 (0.78% fibo) and then a retest at 1.1116 before keep going up.
Comment:
As expected. Test 1.1516 and again. Time to pull back 1.1116 or rally to 1.2000?. Interesting pair to follow medium - long term.