EUR/USD Bulls Face Overbought Conditions at Key Resistance Level

The EUR/USD currency pair is currently testing the key resistance level of 1.1700, with technical indicators flashing overbought conditions. The Relative Strength Index (RSI) has risen above 70, suggesting that buying pressure may be stretched and a corrective move could be on the horizon.

This psychological and technical resistance zone has historically acted as a significant barrier for the EUR/USD pair. A sustained break above this level could open the door to further upside, targeting the 1.1750 and 1.1800 areas, which were previous support-turned-resistance levels.

The Moving Average Convergence Divergence (MACD) remains in bullish territory, but shows signs of decelerating momentum. Support on the downside is seen at 1.1650, followed by the 20-day exponential moving average near 1.1600.