EUR/USD: Bulls remain in full control amid the upward movement

Black Friday's 4-hour chart is painting a bullish picture as EUR/USD is outside overbought territory and holding up above major moving averages. The pair is currently hovering above the 1.1920 support. On the flip side, initial resistance is seen at 1.1940, FXStreet’s Analyst Yohay Elam briefs.

See: EUR/USD remains short-term bullish while above 1.1800 – Commerzbank

Key quotes

“Euro/dollar continues benefiting from upside momentum on the 4-hour chart and the Relative Strength Index is below 70 – outside overbought conditions. The world's most popular currency pair is also holding up above the 50, 100 and 200 Simple Moving Averages.” 

“Resistance awaits at Thursday's peak of 1.1940, the highest since September. It is followed by 1.1965 that played a role back then, and by the 2020 top of 1.2010.” 

“Some support is at 1.1920, which was a swing high in early November. It is followed by 1.1895, a stubborn cap later in the month, and 1.1850.”