EUR/USD: Bulls about to resume the rally

EUR/USD is trading flat on the day at 1.1905 while bulls are ready to restart the rally as Monday's 4-hour chart is pointing to further gains with resistance seen at the 1.1930 daily high, Yohay Elam, an analyst at FXStreet, briefs.

Key quotes

“EUR/USD is trading above the 50, 100, and 200 Simple Moving Averages on the 4-hour chart and benefits from upside momentum. The Relative Strength Index is below 70, thus outside overbought conditions.” 

“Resistance awaits at 1.1930, the daily high, followed by 1.1965 – the two-year high recorded in mid-August. Further above, the psychologically significant 1.20 level is looming.” 

“Support is at 1.1880, a swing high from last week, followed by 1.1850, which was a stubborn cap before the rally. The next levels to watch are 1.1750 and 1.17.”