EUR/USD has been experiencing the much-needed correction lower as Wednesday’s 4-hour chart is showing moderate overbought conditions, but is holding onto 1.15. Yohay Elam, an analyst at FXStreet, expects further upside for the pair following the small correction.
Key quotes
“The Relative Strength Index on the 4-hour chart is above 70 – pointing to overbought conditions. On the other hand, upside momentum remains robust and the EUR/USD pair is trading above the 50, 100, and 200 Simple Moving Averages.”
“The fresh high of 1.1547 is the initial resistance line. It is followed by 1.1570 and 1.1620, both capping the pair in late 2018 and early 2019.”
“Support awaits at the daily low of 1.1520, followed by 1.1495 which was the peak in March. The next lines to watch are 1.1465 and 1.1420.”
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