EUR/USD: Critical resistance waits at 1.09

EUR/USD Tuesday's technical chart is showing an improvement picture for the bulls, FXStreet’s analyst Yohay Elam reports.

Key quotes

“Euro/dollar has broken above the downtrend support line that accompanied it since late March but is still trading below the 50, 100, and 200 Simple Moving Averages on the four-hour chart.” 

“Critical resistance waits at 1.09, which provided support late last week and is also where the 100 SMA meets the price, in addition to being a round number.”

“Resistance beyond 1.09 awaits at 1.0950, which held EUR/USD down last week. It is followed by 1.1050, which capped another recovery attempt last week.”

“Support is at 1.0840, which held the currency pair on Monday, followed by 1.0765, Monday's low.”