EUR/USD: On the bullish side above the 100 SMA level

The EUR/USD is trading in the 1.1170 price zone, and while above the 100 SMA a fall is unlikely, according to FXStreet’s Chief Analyst Valeria Bednarik.

Key quotes

“In the 4-hour chart, a sharply bullish 20 SMA stands at around 1.1105 providing dynamic support.” 

“The RSI indicator is barely retreating from overbought readings, but the Momentum indicator is drawing a bearish divergence, as while the price reaches higher highs, the indicator posts lower highs.” 

“Still above its 100 level, the risk of a sharp decline is limited as long as the pair holds above the mentioned moving average.”