EUR/USD ready to reach 1.1820, the highest since June 2018

EUR/USD is bouncing off daily lows and trades closer to 1.18 as Thursday's 4-hour chart is showing that bulls have room to run, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“Despite the recent rally, the Relative Strength Index on the 4-hour chart remains below the 70 level – outside overbought conditions and allowing the EUR/USD pair to continue rising.” 

“The next level to watch is 1.1820 – a high point in September 2018. Beyond that point, euro/dollar would hit the highest since June 2018 – a two-year peak. The next hurdles are 1.1850 and then only the psychologically significant 1.20 – but that would trigger overbought conditions if it happens too fast.”

“Momentum remains to the upside and EUR/USD holds above the 50, 100, and 200 Simple Moving Averages.” 

“Support awaits at 1.1780, 1.1750, and 1.17.”