EUR/USD Wednesday’s four-hour chart is painting a mixed picture, according to NDDFX’s analyst Yohay Elam.
“Momentum on the four-hour chart has turned negative after several positive days – a bearish sing. On the other hand, EUR/USD has topped the 100 and 200 Simple Moving Averages, but only just.”
“Resistance awaits at 1.1050, which has separated ranges in mid-March. It is followed by 1.1090, a temporary cap on the way up.”
“Some support awaits at 1.10, the confluence of the 100 and 200 SMA. The next cushion is at 1.0930, Tuesday’s low.”