EUR/USD: The trend is positive but a setback is on the cards
|Another day, another round number smashed – at 1.11, the world's most popular currency pair is trading at the highest since March while Friday's four-hour chart is showing stretched conditions, FXStreet’s analyst Yohay Elam briefs.
Read: EUR/USD busted through the 200-day ma scope for the 1.1240 December high – Commerzbank
Key quotes
“The Relative Strength Index on the four-hour chart is just above 70 – pointing to overbought conditions and a potential downside correction. Momentum remains to the upside and the EUR/USD pair is trading well above the 50, 100, and 200 Simple Moving Averages.”
“Support awaits at 1.1090, which was a peak in the winter, and it is followed by 1.1050, also a battle line. Further down, the former peak of 1.1010 now turns into support.”
“Some resistance is at 1.1111, which is 0.90 on USD/EUR, followed by the late-March peak of 1.1150.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.