EUR/USD topped the 200 Simple Moving Average after previously rising above the 50 SMA as Friday's four-hour chart is pointing to overbought conditions, as FXStreet’s analyst notes.
“The Relative Strength Index on the four-hour chart is flirting with the 70 mark – signaling overbought conditions while the currency pair is battling the 100 SMA and momentum remains positive.”
“Resistance awaits at 1.1085, the daily high, followed only by 1.1240, a high point last week.”
“Euro/dollar is battling 1.1050, and the next level to watch on the downside is 1.10950, which separated ranges last week. Next, 1.0890 was a swing high earlier this week and now works as support.”
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.