EUR/USD: Bulls are back in full force

EUR/USD is trading in the green above 1.18 as Thursday's 4-hour chart is showing that bulls are in control. Yohay Elam, an analyst at FXStreet, notes that the pair set a higher low as rebounded above the 1.17 level and now faces resistance at 1.1850.

Key quotes

“EUR/USD has recaptured the 50 Simple Moving Average on the 4-hour chart and momentum turned positive. Moreover, the world's most popular currency pair bottomed out above the 1.17 level – setting a higher low. The Relative Strength Index remains below 70, thus outside overbought conditions.”

“Resistance awaits at 1.1850, which provided support last week, and then by 1.1915, the two-year high set around the same time. The next level is the psychologically critical 1.20.”

“Support awaits at 1.1805, which capped EUR/USD earlier in the week. Further down, 1.1750 and the 1.17 level mentioned earlier await EUR/USD.”