EUR/USD trades above 1.16 and wants more gains

EUR/USD has been posting gains uninterruptedly since last Friday and is trading above the 1.1600 region. Friday's 4-hour chart is showing the potential for more gains, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“EUR/USD continues benefiting from robust upside momentum on the 4-hour chart and trades above the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is just below 70, thus outside overbought conditions, at least for now.”

“Resistance awaits at the new 22-month high of 1.1622. It is followed by 1.1650 and 1.17.”

“Support awaits at 1.1555, which provided support on Thursday. The next level is 1.1505, another cushion on the way up, and then 1.1450, which capped it last week.”