EUR/USD: Improved picture for the bulls

Momentum on the EUR/USD’s four-hour chart is improving but is still pointing to the downside, as FXStreet’s analysts Yohay Elam notes.

Key quotes

“EUR/USD continues trading below the 50, 100, and 200 Simple Moving Averages. All in all, bears remain in the lead despite ceding some ground.”

“Euro/dollar continues battling 1.0830, which capped the pair late last week. The break above this line is yet to be confirmed. The next line to watch is 1.0950, which is where the 50 SMA meets the price.”

“Support awaits at 1.10760, which temporarily capped EUR/USD on Monday, followed by 1.0720, aline from 2017.”