EURUSD Overbought 1D RSI after 4months. Strong 1year sell signal

The EURUSD pair is about to hit the 1.10000 target that we placed on our trading call (see chart below) earlier this month (Nov 06), and it might be a good idea to secure the majority of longs with at least an SL above 1.0900:


The target will complete a +5.48% rise from the bottom, which is the typical length of the standard rallies that the pair has given us inside the whole year 2023. With the price however hitting the 0.618 Fibonacci retracement level while the 1D RSI turned overbought above 70.00 for the first time in 4 months (July 18 last time), the selling pressure should start pilling up for the pair.

The last 3 times the 1D RSI was overbought within the past 12 months, the price broke under the selling pressure and declined at least by -2.37%, hitting (and once approaching) the 1D MA50 (blue trend-line). As a result, this is starting to fulfil most criteria for a starting sell entry. Despite the presence of Support 1 (1.08250) and the 1D MA200 (orange trend-line), we will aim for that -2.37% minimum (projected) decline and target 1.07650.

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