EUR/USD: Technicals show room for further gains

EUR/USD is slipping below the 1.14 ahead of the ECB Interest Rate Decision. Nonetheless, Thursday's 4-hour chart is showing that bulls are in control, Yohay Elam, an analyst at FXStreet, reports. 

Key quotes

“EUR/USD is trading above the 50, 100 and 200 Simple Moving Averages on the 4-hour chart and momentum remains to the upside. The Relative Strength Index is below 70, thus being outside overbought conditions and allowing for further gains.” 

“Resistance awaits at 1.1425, June's peak, which remains relevant. It is followed by 1.1452, the fresh high. The next level to watch is 1.1495, March's high.”

“Support is at 1.1390, which is the daily low, followed by 1.1375, a temporary peak on the way up.”