EUR/USD nears 1.18 support despite bulls control

EUR/USD is trading just above the 1.18 level, which marks the daily low and initial support while Friday's 4-hour chart is painting a bullish picture. Yohay Elam, an analyst at FXStreet, notes that resistance is seen at 1.1865.

Key quotes

“EUR/USD is trading above the 50, 100, and 100 Simple Moving Averages on the 4-hour chart once again – and upside momentum is picking up. The Relative Strength Index is balanced, far from overbought conditions.”

“Resistance awaits at around 1.1865, which was the peak on Thursday. It is followed by the two-year high of 1.1915. The next target is 1.20.”

“Immediate support is at the daily low of 1.18, converging with the 50 SMA. It is followed by 1.1750, a support line from last week, and then by 1.17, a double-bottom.”