The weekly chart for the EUR/USD pair shows extreme conditions continue to recede, while the bearish potential seems well-limited. Technical indicators retreated from their recent highs, but remain within overbought territory, with the Relative Strength Index (RSI) indicator consolidating around 70. At the same time, the pair develops above all its moving averages, with a bullish 20 Simple Moving Average (SMA) extending its advance below the 100 and 200 SMAs. The longer one stands at around 1.0830, which is too far away to be considered a relevant support, yet at the same time, it reflects EUR/USD bullish momentum.
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