EUR/USD: Outside overbought territory bulls will keep at the helm

FXStreet Team FXStreet

Bulls are in control, as long as the EUR/USD pair remains outside the overbought territory. Nonetheless, Early June's daily chart is painting a mixed picture, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“EUR/USD has broken above 1.1020, which was a double top and also where the 200-day Simple Moving Average hit the price. That is a significant bullish development. Momentum remains to the upside, and the Relative Strength Index is still below 70 – currently outside overbought conditions.”

“Strong resistance awaits at 1.1150, a peak in late March. It is followed by 1.12, which was a stepping stone on the way and down during that turbulent month. It is followed by 1.1240, a swing high from March.”

“The 1.1020 level switches to support. It is followed by 1.0950, where the 100-day SMA hits the price, and then by 1.10870, a low point in late May.”

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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