EUR/USD: Out of overbought territory there is room for more gains

EUR/USD is trading at the top of a recent uptrend channel that has been accompanying it in recent days while Tuesday's 4-hour chart is showing that the currency pair is still out of the overbought territory, FXStreet’s analyst Yohay Elam informs.

Key quotes

“The Relative Strength Index on the four-hour chart is still below 70 – outside overbought conditions and allowing for further gains. EUR/USD is trading above the 50, 100, and 200 Simple Moving Averages.”

“The next resistance line is close – 1.1190 capped EUR/USD in mid-March, before the crash. It is followed by 1.1240, a swing high from back then.”

“Support is at 1.1150, which held the currency pair down in recent days and also in early April. It is followed by 1.1080, a support line on the way up.”