EUR/USD: The picture is improving for the bulls

EUR/USD Monday's four-hour chart is showing an improved picture for bulls, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“EUR/USD has surpassed the downtrend resistance line that capped it from mid-April but is struggling to conquer the 50 Simple Moving Average on the four-hour chart.” 

“Euro/dollar remains capped by the 100 and 200 SMAs. Momentum and the Relative Strength Index are flat.” 

“Resistance awaits at 1.0885, which held the currency pair down late last week, and then by 1.0930, a swing high from early in the month.”

“Support awaits at 1.0810, a low point last week, and then by the early April trough of 1.0770.”