Yohay Elam, an Analyst at FXStreet, believes the bulls are taking over the EUR/USD pair as Tuesday's 4-hour chart is showing an improved position for them. EUR/USD now looks set to test the 50-day simple moving average (SMA) located at 1.1795 after having risen by nearly 0.5% on Monday.
“Euro/dollar has managed to rise above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart – a bullish development. Momentum has also turned positive while the Relative Strength Index is below 70, outside overbought conditions.”
“Resistance awaits at 1.1795, Monday's peak, followed by 1.1830, which is October's top. The next line to watch is 1.1870.”
“Support is at 1.1720, which is a swing low last week, followed by 1.1685, a double-bottom. Further below, 1.1625 awaits EUR/USD.”
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