EUR/USD: The picture is improving
EUR/USD Wednesday's four-hour chart is painting a positive development. Yohay Elam, an analyst at FXStreet, takes a look at the EUR/USD pair technical picture.
“Momentum on the four-hour chart has turned to the upside, a positive development, yet EUR/USD still trades below the 50, 100, and 200 Simple Moving Averages. The picture is improving.”
“Resistance awaits at the daily high of 1.0840, the daily high, followed by 1.0880, Tuesday's peak, which also converges with the 50 SMA.”
“Support awaits at 1.0750, Tuesday's low, and then by the 2020 trough of 1.0640.”