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  • EUR/USD gained for the fourth consecutive month in August. 
  • The daily chart RSI is teasing a bullish breakout. 

EUR/USD ended August with 1.36% gains, having rallied by 4.8%, 1.19%, and 1.36% in July, June, and May, respectively. The four-month winning trend is the longest since July 2017. 

The daily chart relative strength index is now breaking higher from the down trendline connecting July 30 and Aug. 18 highs. As such, the pair may soon find acceptance above 1.1966 – the Aug. 18 that capped upside on Monday – and challenge the psychological hurdle of 1.20. 

The immediate bias would turn bearish if the pair drops below Monday’s low of 1.1884, which marks a higher low pattern on the hourly chart. 

Daily chart

Trend: Bullish

Technical levels

 

Expert score

5

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