EUR/USD: Bulls have the upper hand, resistance seen at 1.1850

The EUR/USD pair is trading at 1.1844, representing a 0.28% decline on the day, having failed to keep gains above 1.19 on Thursday but Friday's 4-hour chart is showing bulls are still in the lead, FXStreet’s analyst Yohay Elam reports.

Key quotes

“EUR/USD is trading above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart, and benefits from upside momentum. The Relative Strength Index has moved away from the 70 level – further away from overbought conditions.” 

“Resistance awaits at 1.1850, which provided some support when EUR/USD traded on higher ground. It is followed by the 1.1909-1.1916 area – combining July's and August's peaks. The next level is the psychologically significant 1.20.”

“Support awaits at the daily low of 1.1820, followed by 1.1780, which was a stepping stone on the way up. Next, 1.1730 and 1.17 provide support.”