EUR/USD: Technical picture improves, resistance seen at 1.1290

EUR/USD trades at 1.1248, representing a 0.24% gain on the day, as Monday's 4-hour chart is painting an improving picture for the pair but euro/dollar is not out of the woods, according to FXStreet’s analyst Yohay Elam.

Key quotes

“The EUR/USD pair has bounced off the uptrend support line once again, strengthening its importance and serving as a bullish sign. EUR/USD also advanced above the 50 Simple Moving Average on the 4-hour chart. On the other hand, momentum remains to the downside.” 

“Resistance awaits at 1.1290, which was a swing high in mid-June. It is followed by 1.1350, a double-top.”

“Immediate support is at 1.1250, which is still fought over and was a swing high last week. It is followed by 1.1190, which cushioned the currency pair in recent days.”