EUR/USD: Looking for a loophole in the range

EUR/USD momentum is positive as the pair trades above the 50 SMA, yet below the 100 and 200 SMAs. All in all, the picture is mixed, FXStreet’s analyst Yohay Elam reports.

Key quotes

“EUR/USD has been confined to a range, with strong resistance awaiting at 1.0890, Tuesday's top, the place where the 200 Simple Moving Average on the four-hour chart hits the price, and a resistance line from last week. It is followed by 1.0930 and 1.0995.” 

“The bottom of the range is 1.0810, the low point on Tuesday and support line from mid-April. It is followed by 1.0770 and 1.0730.”