EURUSD: Almost at the top of the 5-month Channel Up.

EURUSD has extended its strong recovery since May 15th, and is almost at the Higher High trend-line of the Channel Up that started after the March peak. The 1D chart is naturally overbought (RSI = 79.162, MACD = 0.013, ADX = 72.893) with the RSI in particular testing the 81.00 Resistance which was set on the March 9th High. We have to go back to September 2012 in order to find a higher RSI value on the 1D chart.

Both the RSI and MACD indicate that we are close to a top. Last time the gave this reading, the price pulled back to the 0.382 Fibonacci retracement level. So a moderate target now would be 1.1600 - 1.1523 which is the 0.382 - 0.5 zone assuming the top is either now or slightly higher. This is where the 1D MA50 can potentially make contact.





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