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EUR/USD failure to hold onto the break above 1.1909 does not take away from its bullish bias as Thursday’s 4-hour chart is showing bulls are in control, FXStreet’s analyst Yohay Elam reports.

Key quotes

“Momentum on the 4-hour chart remains to the upside and the world’s most popular currency pair is trading above the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index is below 70, thus outside overbought conditions.” 

“July’s high of 1.1909 is still in play and it is followed by the round 1.20 level. Higher above, 1.2040 and 1.2110 – last seen in 2018 – are the next tentative targets.”

“Support awaits at the daily low of 1.1855, followed by 1.1780, a temporary peak on the way up. Next, 1.1735 and the robust 1.17 line await EUR/USD.”