EUR/USD: Ubeat technical picture

EUR/USD has been setting higher highs and higher lows, with the recent trough of 1.0980 beating the previous one at around 1.0950. Yohay Elam, an analyst at FXStreet, examines the EUR/USD technical picture.

Key quotes

“The EUR/USD pair is benefiting from upside momentum on the four-hour chart and trades above the 50 and 200 Simple Moving Averages.”

“Resistance awaits at 1.1090, which was a stepping stone on the way up in recent days. It is followed by 1.1150, the cycle high.”

“Support is at the swing low of 1.0950, followed by 1.0890, which was a temporary resistance line on the way up.”