EUR/USD: Bulls to struggle with the 1.20 mark
|The EUR/USD pair rose to its highest level in more than a week at 1.1920 on Friday but edged slightly lower to trade near 1.1900 as of writing. Bulls are in the lead but do not have full control as early September's chart is painting a mixed picture, FXStreet’s analyst Yohay Elam reports.
Key quotes
“The Relative Strength Index on the daily chart is still below 70 – outside overbought conditions – and allowing for more rises. On the other hand, upside momentum has weakened, indicating hesitation. Euro/dollar is trading well above the 50, 100, and 200-day Simple Moving Averages, supporting further gains.”
“The currency pair is battling 1.1915, an initial peak in August. Looking up, resistance awaits at the 2020 high of 1.1965 recorded in mid-August. It is followed by the all-important 1.20 level. Further above, the next upside target is 1.2090, a level dating back to 2018.”
“Support is at 1.1850, a separator of ranges in late August. It is followed by 1.1750, a support line from earlier in the month, and by 1.17 – a stubborn double bottom.”
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