EUR / USD is trading flat on the day at 1.1905 as the bulls are poised to restart the rally as Monday’s 4 hour chart shows further gains with resistance at the daily high of 1, 1930, explains Yohay Elam, analyst at FXStreet.
EUR / USD is trading above the 50, 100 and 200 simple moving averages on the 4 hour chart and is benefiting from some upward momentum. The relative strength index is less than 70, therefore outside the overbought conditions. ”
Resistance looks at 1.1930, the daily high, followed by 1.1965 – the two-year high recorded in mid-August. Above, the psychologically significant level of 1.20 is looming. ”
Support is at 1.1880, a swing higher than last week, followed by 1.1850, which was a stubborn high before the rally. The next levels to watch are 1.1750 and 1.17. ”