EUR/USD Opportunities for This Week

05/26/2009 11:26 am EST

Focus: FOREX

EUR/USD - With the daily RSI above 70.0 and overbought, the risks from here are for a material pullback over the coming days. However, the 2009 highs are just above at 1.4060 and we would expect to see this level to be taken out before considering the start to a major pullback. The market is currently trading in an inside day on the lightened Monday trade. The key level to watch below comes in by 1.3890 with a break to accelerate declines and confirm short-term topping.

Joel Kruger, Currency Strategist for DailyFX.com

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