EUR/USD Wednesday’s four-hour chart is pointing to critical resistance at 1.10, as FXStreet’s analyst Yohay Elam notes.
Key quotes
“EUR/USD is confined within the rising triangle. A recent attempt to move above this channel failed. Momentum on the four-hour chart has all but disappeared. EUR/USD is trading above the 50 and 100 Simple Moving Averages but below the 200 SMA.”
“Critical resistance awaits at 1.10, which is a psychologically significant level, the edge of uptrend resistance, and close to the 200 SMA.”
“Further up, 1.1050 held the currency pair down in late March and 1.1090 capped it on the way up.”
“Support awaits at 1.0930, a swing high from last week, followed by 1.0885, a support line from earlier this week.”
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