EUR/USD set to fall with initial support seen at 1.1830

Change of course or just a correction? That is the question for EUR/USD traders and the answer leans to the latter while Friday's 4-hour chart is painting a mixed picture, as FXStreet’s analyst Yohay Elam notes. The pair is nearing the 1.1838 daily low as of writing.

Key quotes

“Euro/dollar continues suffering from downside momentum on the 4-hour chart, but it has overcome the 50, 100, and 200 Simple Moving Averages. With the Relative Strength Index hovering around 50, the picture is well balanced.” 

“Some resistance awaits at the daily high of 1.1860, followed by the swing high of 1.1920. The next lines to watch are 1.1965 and 1.2010.”

“Support is at 1.1830, where the 50 SMA hits the price. It is followed by 1.1785, a swing low from early September, and then by 1.1760 and 1.1730, recent lows.”