EUR/USD: Benefiting from upside momentum

EUR/USD Thursday's four-hour chart is showing an improving picture for the bulls. Yohay Elam, an analyst at FXStreet, examines the technical outlook of the pair.

Key quotes

“Euro/dollar has surpassed the 50 Simple Moving Average on the four-hour chart and continues benefiting from upside momentum. The currency pair remains below the 100 and 200 SMAs.” 

“Some resistance awaits at 1.0980, where the 200 SMA hits the price. It is followed by 1.1050, which separated ranges in mid-March. It converges with the 100 SMA.”

“Support awaits at 1.09, which was a swing high earlier this week, followed by 1.0840, a cap from last week.”