EUR/USD: Upside momentum, first resistance at 1.1384

EUR/USD Thursday's 4-hour chart is showing the uptrend channel is intact and Yohay Elam, an analyst at FXStreet, notes the positive momentum with resistance awaiting at 1.1384.

Read:  

EUR/USD: 1.1380 pivot point to lead the way, 1.15 topside aim – TDS

Dovish Fed signal, EUR/USD at 1.15 short-term – Danske Bank

EUR/USD now targets 1.1440 ahead of 1.1495 – UOB

Key quotes

“EUR/USD is trading in an uptrend channel since late May. An attempt to break higher last week failed to materialize, but the world's most popular currency pair has held onto the channel. Also, momentum on the 4-hour chart remains to the upside while Euro/dollar trades above the 50, 100, and 200 simple Moving Averages.”

“Resistance awaits at 1.1384, the initial peak, followed by 1.1420, Wednesday's high. The next level to watch is the March peak of 1.1495.” 

“Support awaits at 1.1325, the daily low, followed by 1.1245, the weekly low.”