EUR/USD Update – 06/09/2017 (10:40am) – by Arjun Lakhanpal

EUR/USD Update – 06/09/2017 (10:40am) : EUR/USD is side lined above the uptrend and charts suggest it will struggle to regain the 1.200 level and so attention is on the trendline support at 1.1855. We suspect that the market may have topped near term, but this will only be confirmed on a close below the uptrend. The new high has also been accompanied by a divergence of the daily RSI. Below the 2 month uptrend lies the 4 month uptrend at 1.1720. But EUR is rallying on a broad USD sell-off and above 1.2070 sits the 50% retracement from the move down from the 2014 high at 1.2168. Stops likely above 1.200 in the S/T outlook..