EUR/USD about to challenge the 1.16 level, next key resistance at 1.1620

The EUR/USD pair is steadily moving towards the 1.1600 figure as it trades at its highest since October 2018 around 1.1590, while next relevant resistance sits at 1.1620, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The 4-hour chart shows that the EUR/USD pair is overbought but still bullish as indicators hold at daily highs and at levels not seen this month. Moving averages, in the meantime, continue to advance well below the current level, with the 20 SMA accelerating north some 150 pips below the current level.” 

“1.1620 is the immediate resistance, with stops suspected above the level, which means that if those get triggered, another leg north is expected, despite |the overbought conditions.”