EUR/USD to challenge the 1.19 resistance
|EUR/USD Friday's 4-hour chart is painting a bullish picture, as the pair rises 0.60% to trade in the 1.1890 neighborhood, near the 1.19 resistance, FXStreet’s analyst Yohay Elam briefs.
Key quotes
“EUR/USD is benefiting from upside momentum on the 4-hour chart and trades above the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is still below 70, thus outside overbought conditions.”
“The currency pair is challenging 1.19, Thursday's peak, and a round number. The next cap is close, 1.1915, which was a high point in early August. The two-year high of 1.1965 is next.”
“Support awaits at 1.1850, which held EUR/USD down before the breakout, and it is followed by 1.18, which was a cushion last week. The next levels are 1.1755 and 1.17.”
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.