• EUR/USD rose to a fresh one year high on Wednesday at 1.1174

• Notably, the daily RSI closed above 75 for first time since Dec 2020

• Historically, this has preceeded a reversal

• Admittedly, sample size is small (10 non-overlapping occasions since 2010)

• Daily close is key as a sub-1.1140 close would indicate a false break

• Thus, providing a warning for bulls to take profit

• Meanwhile, softer PMIs/EZ wages should also lean against chasing EUR higher

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