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Over the past week, the euro has appreciated by almost 1.5% against the US dollar, bringing the price closer to the local peak of the upward trend.
In the 4-hour chart, the RSI technical indicator is in the overbought zone, indicating an overheating of long positions in the euro.
Regarding the Alligator indicator in the same time frame, the moving average lines (MA) point upward, which is consistent with the direction of the trend.
According to resistance theory, the area of the local peak of the medium-term trend, around 1.1200/1.1250, could exert pressure on buyers. In this case, the volume of long positions in the euro may decrease, and the market will experience a pullback. However, if speculators ignore technical arguments about resistance in the course of momentum, it would be logical to wait for price stabilization above the 1.1250 level before considering a subsequent upward movement.
The complex indicator analysis suggests a pullback from the resistance area in the short-term period. Indicators point to an upward trend in the intraday and medium-term periods.
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