EUR/USD: Looming overbought conditions don't stop the rise

EUR/USD moves higher and clinches daily highs near just above the 1.1750 mark despite the fact that Wednesday's 4-hour chart is showing that overbought conditions are coming closer, FXStreet’s analyst Yohay Elam informs.

Key quotes

“The Relative Strength Index on the 4-hour chart is just 70 – on the verge of entering overbought territory. Another near-term move higher – to the recent peak of 1.1781 – will likely send the RSI above that line. Momentum remains to the upside and EUR/USD is trading well above the 50, 100, and 200 Simple Moving Averages.” 

“Above 1.1781, the next resistance is 1.1815, a peak in September 2018, followed by 1.1850, a high point in June that year.”

“Support awaits at the round 1.17 level, then at 1.1625, and further down at 1.1540.”