EUR / USD hit its highest level in more than a week at 1.1920 on Friday, but edged down to trade near 1.1900 at the time of writing. The bulls are in the lead but not in full control as the early September chart paints a mixed picture, reports FXStreet analyst Yohay Elam.
“The relative strength index on the daily chart is still below 70 – outside of overbought conditions – and allows for more upside. On the other hand, the bullish momentum weakened, indicating hesitation. The Euro / Dollar is trading well above the 50, 100 and 200 day simple moving averages, supporting further gains. “
“The currency pair is struggling against 1.1915, an initial peak in August. Looking up, resistance expects the 2020 high of 1.1965 recorded in mid-August. It is followed by the very important level of 1.20. Higher the next bullish target is 1.2090, a level dating back to 2018. ”
Support is at 1.1850 a range divider at the end of August. This is followed by 1.1750, an early month support line, and 1.17 – a stubborn double bottom. ”