The single currency surges as the eurozone’s Q2 growth beats expectations.
After a short-lived consolidation, the break above 0.8610 has put the rally back on track. Strong momentum is an indication that sellers have rushed to cover their positions.
The coast is now clear to July’s high at 0.8660. However, the initial impulse has run into exhaustion as the RSI showed an overbought situation.
A limited retracement would let the bulls catch their breath. A rebound from 0.8575 would attract momentum traders.
