EUR/USD: On the bullish side above the 100-day SMA level
|The EUR/USD is trading in the 1.1170 price zone and while above the 100 SMA a fall is unlikely, according to FXStreet’s Chief Analyst Valeria Bednarik.
Key quotes
“In the 4-hour chart, a sharply bullish 20 SMA stands at around 1.1105 providing dynamic support.”
“The RSI indicator is barely retreating from overbought readings, but the Momentum indicator is drawing a bearish divergence, as while the price reaches higher highs, the indicator posts lower highs.”
“Still above its 100 level, the risk of a sharp decline is limited as long as the pair holds above the mentioned moving average.”
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