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EUR/USD Wednesday’s four-hour chart is showing the currency pair is close to overbought conditions, as FXSTreet’s analyst Yohay Elam notes.

Key quotes

“Momentum on the four-hour chart remains to the upside, and EUR/USD is trading well above the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is near 70, flirting with overbought conditions, and that may limit gains.” 

“Resistance awaits at 1.0960, the daily high, followed by the weekly peak of 1.0975.”

“Support awaits at 1.0895, a swing high from last week, and then by 1.0865, where the 100 and 200 SMAs converge.”