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EUR/USD has shied away from the overbought territory on the 4-hour chart, which is painting a bullish picture, and may now be ready to resume its rise, FXStreet’s Analyst Yohay Elam reports.

Key quotes

“Euro/dollar continues benefiting from upside momentum on the 4-hour chart and the Relative Strength Index is still below 70 – outside overbought conditions. The pair trades above the 50, 100, and 200 Simple Moving Averages. All in all, bulls are in control – as long as the RSI does not leap.”

“Resistance awaits at 1.1860, Thursday’s high, followed by 1.1880, October’s peak, and then by 1.19 and 1.1920.”

“Some support awaits at 1.1840, a peak in late October, followed by 1.1790, a stepping stone on the way up, and then by 1.1760 and 1.1720.”