EUR/USD has completed a 500-pip rally from the lows amid coronavirus fears. Friday’s four-hour chart is pointing to overbought conditions. Yohay Elam, an analyst at FXStreet, reviews the pair from a technical perspective. Key quotes “The Relative Strength Index on the four-hour chart has topped 70 once again, indicating overbought conditions and implying a correction. Such a downward move would likely be temporary as EUR/USD is trading above the 50, 100, and 1200 Simple Moving Averages and momentum remains positive.” “Initial resistance awaits at the daily high of 1.1280, followed by 1.1320.” “Support is at 1.1215, a swing high from earlier this week, followed by 1.1180.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Coronavirus outweighing Brexit FX Street 3 years EUR/USD has completed a 500-pip rally from the lows amid coronavirus fears. Friday's four-hour chart is pointing to overbought conditions. Yohay Elam, an analyst at FXStreet, reviews the pair from a technical perspective. Key quotes “The Relative Strength Index on the four-hour chart has topped 70 once again, indicating overbought conditions and implying a correction. Such a downward move would likely be temporary as EUR/USD is trading above the 50, 100, and 1200 Simple Moving Averages and momentum remains positive.” “Initial resistance awaits at the daily high of 1.1280, followed by 1.1320.” “Support is at 1.1215, a swing high from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
