EUR/USD: Outside oversold conditions

The EUR/USD Thursday's four-hour chart is pointing to further gains. Yohay Elam, an analyst at FXStreet, examines the pair from a technical perspective. EUR/USD is trading at 1.115.

Key quotes

“The Relative Strength Index on the four-hour chart is below 70 – outside oversold conditions. While momentum has waned, it remains to the upside. And, the EUR/USD pair is trading above the 50, 100, and 200 Simple Moving Averages.”

“Resistance awaits at 1.1180, which was a swing high early in the week. The 2020 high of 1.1215 seen on Tuesday is the next level to watch.” 

“Support awaits at the daily low of 1.1120. IT is followed by 1.11, which is a double-bottom seen in recent days.”