EUR/USD: Outside overbought territory bulls will keep at the helm
|Bulls are in control, as long as the EUR/USD pair remains outside the overbought territory. Nonetheless, Early June's daily chart is painting a mixed picture, FXStreet’s analyst Yohay Elam briefs.
Key quotes
“EUR/USD has broken above 1.1020, which was a double top and also where the 200-day Simple Moving Average hit the price. That is a significant bullish development. Momentum remains to the upside, and the Relative Strength Index is still below 70 – currently outside overbought conditions.”
“Strong resistance awaits at 1.1150, a peak in late March. It is followed by 1.12, which was a stepping stone on the way and down during that turbulent month. It is followed by 1.1240, a swing high from March.”
“The 1.1020 level switches to support. It is followed by 1.0950, where the 100-day SMA hits the price, and then by 1.10870, a low point in late May.”
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