EUR/USD is at a rare moment of stability in a turbulent week that saw a range of well over 200 pips. Friday’s 4-hour chart is a narrowing range that is set to make way for a substantial move, Yohay Elam, an analyst at FXStreet, reports.
Key quotes
“EUR/USD is squeezed between two strong lines. Robust resistance awaits at 1.1865, which is the convergence of the 50 Simple Moving Average on the 4-hour chart and the daily high. The SMA 100 is also close by.”
“Looking down, uptrend support awaits at 1.1785. It nearly converges with the 200 SMA. The range is narrowing and points to an explosion in one direction or another. Momentum is to the downside.”
“Below 1.1785, the next levels to watch are 1.1750 and 1.17.”
“Further resistance beyond 1.1865 is at 1.1885, 1.1925 and 1.1960.”
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