EUR/USD to continue rallying beyond three-month highs

EUR/USD has started the week on a positive foot and is lifting to the 1.1465/70 band, new three-month peaks, while Monday's 4-hour chart points to further gains, FXStreet’s analyst Yohay Elam reports.

Key quotes

“While the EUR/USD pair is at the highest levels in three months, the Relative Strength Index on the 4-hour chart is still below 70 – outside overbought conditions. That implies further gains may be in store. EUR/USD is above the 50, 100, and 200 Simple Moving Averages, and momentum remains to the upside.” 

“The next prize is 1.1495, which was March's peak. Further above, the next levels to watch are 1.1515, 1.1570, and 1.1620, dating back to early 2019 and late 2018.” 

“Euro/dollar is trading above the previous high of 1.1452, which now turns to support. The next cushion is the daily low of 1.1410, followed by 1.1370, a stepping stone on the way up which converges with the 50 SMA.”