EUR/USD: Buying opportunity

EUR/USD is outside overbought conditions on the four-hour chart, as FXStreet’s analyst Yohay Elam notes. A buying opportunity can be emerging as EUR/USD trades at 1.110.

Key quotes

“The Relative Strength Index on the four-hour chart has dropped below 70 – thus putting EUR/USD outside overbought conditions. This opens the door to further gains.”

“The currency pair is also recording higher high and higher lows and it is above the 50, 100, and 200 Simple Moving Averages.” 

“Resistance lines include 1.1120 and 1.1145 while support levels are 1.11 and 1.1055.”