EURUSD Set to Reverse From the Upper End of a Range
The price action of EURUSD continues to consolidate in a tight range spanning between the major resistance level at 1.13850 and the major support at 1.12850. The range-trading environment is confirmed by the current reading of the ADX indicator, which has been threading below the 25-point mark since the 30th of December.
Given that the latest upswing, taking the form of a 1-5 impulse wave pattern, appears to be completed just below the upper limit of the range while the Stochastic RSI is in its overbought extreme, a correction seems highly probable.
Given that the latest upswing, taking the form of a 1-5 impulse wave pattern, appears to be completed just below the upper limit of the range while the Stochastic RSI is in its overbought extreme, a correction seems highly probable.
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