05.06 - EUR/USD Friday's 4-hour chart is showing overbought conditions
- by George Solotarov
The Relative Strength Index on both the daily chart and the 4-hour one is above 70 – pointing to overbought conditions. That implies a correction. Other indicators such as momentum remain positive.
The daily and 11-week high is 1.1383, which may serve as immediate resistance. Further above, 1.1410 was a temporary cap in March and is the next line to watch. The peak in that turbulent month of 1.1495 is the upside target.