EUR/USD: Recovery to face initial resistance at 1.1770

At the time of writing, EUR/USD is trading near its daily high at 1.1757, up 015% on the day, as Wednesday's 4-hour chart is painting a bullish picture. The pair is ready to recover and will encounter next resistance at 1.1770, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“EUR/USD has been setting a series of higher lows and higher highs – and uptrend. It continues benefiting from upside momentum on the 4-hour chart and also held up above the 50 Simple Moving Average.” 

“Resistance awaits at 1.1770, which was a high point last week. It is followed by 1.1810, which is the weekly high, and then by 1.1830 and 1.1870.” 

“Support is at the daily low of 1.1725, followed by 1.1685, which was a stepping stone on the way up last week. Further down, 1.1625 and 1.1610 await EUR/USD.”