Euro/dollar bulls are benefiting from higher highs and higher lows. Wednesday’s four-hour chart is painting a mixed picture, as FXStreet’s analyst Yohay Elam notes.
Key quotes
“Momentum on the four-hour chart is to the upside and the currency pair trades well above the 50, 100, and 200 Simple Moving Averages. The only downside is that the Relative Strength Index is just around 70 – on the verge of overbought conditions. That may limit its gains.”
“Resistance awaits at 1.1180, which was a swing high earlier this week. It is followed by 1.1215, Tuesday’s high.”
“Support awaits at 1.1140, the daily low, followed by 1.1120, a high point from earlier this year, and by the round number of 1.11.”
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