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EUR/USD has extended its daily decline in the American session on Thursday. The risk-averse market environment and the latest data from the US seem to be helping the dollar continue to gather strength and weighing on the pair, which was last seen trading below 1.1100.
Euro/dollar has refused to drop below the 200 Simple Moving Average (SMA) on the four-hour chart, while momentum remains to the upside. As mentioned earlier, the RSI is below 70, thus outside overbought conditions. All conditions are in place for a fresh upswing.
The mid-March top of 1.1140 is the first resistance line, followed by the fresh top of 1.1180. It is followed by 1.1230 and 1.1250.
Support is at the daily low of 1.1085, followed by 1.1070 and 1.1050.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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