EUR/USD: Bulls eye initial resistance at 1.1875

EUR/USD trades close to Friday's close of 1.1844. Notwithstanding, Monday's 4-hour chart is painting a bullish picture with resistance seen at 1.1875, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“EUR/USD has moved above the 100 Simple Moving Average on the 4-hour chart after advancing above the 50 and 200 SMAs earlier on. Momentum remains to the upside and the currency pair is holding above the uptrend support line it recaptured.” 

“Some resistance awaits at 1.1875, which was a swing high late last week. The next level to watch is 1.1920, the post-ECB peak, followed by 1.1965 and 1.2010.” 

“Support is at 1.1820, which was a cushion late last week and where the 50 SMA hits the price. The next level is 1.1780, a support line from early September, followed by 1.1750, a double-top formed in recent weeks.”