EUR/USD: Bulls to strike the 1.1350 double-top

FXStreet Team FXStreet

At press time, EUR/USD surges 0.29% to 1.1283 as Thursday's 4-hour chart several bullish developments for the world’s most popular currency pair. Yohay Elam, an analyst at FXStreet, points to the double-top at 1.1350 as a tough resistance.

Key quotes

“EUR/USD has dipped below the uptrend support line that has been accompanying it for around a month and topped the 50 and 100 Simple Moving Averages on the 4-hour chart. Moreover, momentum has turned positive, also supporting the bullish case.”

“Initial resistance awaits at 1.1290, the weekly high, but the bigger prize is 1.1350 – a double-top touched in recent weeks. Further up, 1.1380 and 1.1420 await EUR/USD.”

“Some support awaits at 1.1250, which is where the 50 SMA hits the price. It is followed by the uptrend support line, coming out at around 1.1220, and then by 1.185, a weekly low.”

Author

FXStreet Team

FXStreet

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