EUR/USD zooms in on the weekly high of 1.1755

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Thursday’s 4-hour chart is painting a mixed picture for EUR/USD as the pair is debating between a break or bounce at the 1.1755 strong resistance, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“Break or bounce at 1.1755? That is the question. The line is the weekly peak and the highest since September 23. It is followed by 1.1765, where the 100 Simple Moving Average on the four-hour chart hits the price. Further above, 1.1785 was a swing low in early September and it is followed by 1.1810, which is where the 200 SMA hits the price.”

“Euro/dollar is benefiting from upside momentum and has secured its move above the 50 SMA. However, the Relative Strength Index is nearing 70, closer to overbought conditions.” 

“Support is at 1.1740, a support line from last week, followed by 1.1685, a swing low recorded on Wednesday. The next lines to watch are 1.1625 and 1.1610.” 

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