EUR/USD (a 4-hour chart)
The euro strengthened when analysts reassessed the likelihood of the rate hike this year.
The euro erased its losses and rallied higher. Buyers managed to lead the price from the 1.1050 region to the level 1.1200. The resistance is seen at 1.1200, the support stands at 1.1130.
MACD grew which indicates the sellers’ positions weakening. RSI approached the overbought area.
The 50, 100 and 200 EMAs are forming a narrow range in the 4 hours chart. The price is heading from the moving averages in the mentioned time frame.
If the EUR/USD does make a breakout at that level 1.1200, it is expected to grow to the level 1.1270. Alternatively, the instrument will decrease to 1.1050.