EUR/USD: Strong resistance awaits at 1.0890

EUR/USD Thursday's four-hour chart is pointing to the upside, Yohay Elam, an analyst at FXStreet, reports. 

Key quotes

“EUR/USD is trading in a tightening range, with the 50, 100, and 200 Simple Moving Averages converging toward the current price, in the high 1.08s. Upside momentum is waning and the general picture is balanced.” 

“Strong resistance awaits at 1.0890, which has been capping the pair in the past few days. A break above that level opens the door to 1.0930, a swing high from early April.”

“Some support awaits at 1.860, which capped EUR/USD early in the week, followed by 1.0810, the weekly low.”