EUR/USD to challenge the 1.19 resistance

EUR/USD Friday's 4-hour chart is painting a bullish picture, as the pair rises 0.60% to trade in the 1.1890 neighborhood, near the 1.19 resistance, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“EUR/USD is benefiting from upside momentum on the 4-hour chart and trades above the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is still below 70, thus outside overbought conditions.”

“The currency pair is challenging 1.19, Thursday's peak, and a round number. The next cap is close, 1.1915, which was a high point in early August. The two-year high of 1.1965 is next.”

“Support awaits at 1.1850, which held EUR/USD down before the breakout, and it is followed by 1.18, which was a cushion last week. The next levels are 1.1755 and 1.17.”