Friday’s 4-hour chart is showing that the EUR/USD pair held above the 50 SMA. Yohay Elam, an analyst at FXStreet, sees bullish signs in the world’s most popular currency pair and expects further gains.
Key quotes
“Momentum on the 4-hour chart remains positive and EUR/USD bounced off the 50 Simple Moving Average – both bullish signs. While the currency pair dropped out of the uptrend channel, it is fighting to recapture it. Topping that line could trigger further gains.”
“Euro/dollar is battling 1.1325 at the time of writing, a line that provided support on Thursday. The next cap is 1.1385, which was a temporary peak last week. Wednesday’s peak of 1.1425 is the next level to watch.”
“Support awaits at 1.1275, the daily low, followed by 1.1240, a swing low from earlier in the week.”
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