EUR/USD outside overbought conditions, upside momentum points to 1.1320

Monday's 4-hour chart is showing the EUR/USD pair has exited overbought conditions as trades without changes at 1.1290, pointing to further gains, according to FXStreet’s analyst Yohay Elam.

See: A EUR/USD long-term bottom in place? – UOB

Key quotes

“EUR/USD exited overbought conditions – the Relative Strength Index on the 4-hour cart dropped below 70 – allowing for further gains. Momentum remains to the upside and the world's most popular currency pair continues trading above the 50, 100, and 200 Simple Moving Averages.” 

“Resistance awaits at 1.1320, the daily high. Further up, 1.1365 was an initial peak, and it is followed by 1.1384, the highest since March.”

“Some support awaits at 1.1275. the daily low, and then by 1.1260, a temporary peak on the way up.”