EUR/USD: The Euro retreats
The Euro has withdrawn after having reached 1.5463, which, according to the ActionForex Technical Team, might be a short-term top: “Outlook in EUR/USD remains unchanged. Consolidation from 1.5463 record high continues today. As discussed before, the meeting of 61.8% projection of 1.3360 to 1.4966 from 1.4438 at 1.5431 target, bearish divergence condition in 4 hours MACD and RSI, overbought condition in daily RSI, suggest that a short term top might be in place at 1.5463 already.”
Looking down, the ActionForex team forecasts the following support levels: “Further break of 1.5287 minor support will confirm this case and bring deeper correction towards 1.5072 cluster support (38.2% retracement of 1.4438 to 1.5463 at 1.5071). Though, downside is expected to be contained above next cluster support at 1.4951 (50% retracement of 1.4438 to 1.5463 at 1.4951) and bring another rise.”
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