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The EUR/USD Thursday’s four-hour chart is pointing to further gains. Yohay Elam, an analyst at FXStreet, reviews the pair outlook from a technical perspective.

Key quotes

“The EUR/USD pair is trading near 1.12 and the yearly high is 1.1215. This is a critical level for extending the rally.” 

“Momentum on the four-hour chart is pointing upward and the currency pair is well above the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index has dropped below 70, exiting oversold conditions and allowing for more gains.”

“Above 1.1215, resistance awaits at 1.1240, followed by 1.1275.”

“Support awaits at 1.1140 and 1.1120.”