EUR/USD is trading well above 1.1550, resuming its rise and shrugging off Sino-American tensions around the Chinese consulate in Houston. It has hit 1.1583, the highest since October 2018. The EU recovery fund is supporting the euro.
The Relative Strength Index on the four-hour chart is above 70 – pointing to overbought conditions. On the other hand, upside momentum remains robust and the currency pair is trading above the 50, 100, and 200 Simple Moving Averages.
All in all, a small correction could be followed by a further upside for the currency pair.
The fresh high of 1.1547 is the initial resistance line. It is followed by 1.1570 and 1.1620, both capping the pair in late 2018 and early 2019.
Support awaits at the daily low of 1.1520, followed by 1.1495 which was the peak in March. The next lines to watch are 1.1465 and 1.1420.
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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