EUR/USD: Upside momentum

EUR/USD has been edging higher. Wednesday's technical chart is pointing to a critical resistance line, according to Yohay Elam, an analyst at FXStreet. 

Key quotes

“Euro/dollar has posted higher highs and higher lows – a bullish sign. It is also benefiting from upside momentum on the four-hour chart. However, it has failed to break above the 100 Simple Moving Average.”

“Support awaits at the recent low of 1.0860 which also capped the currency pair earlier this month. It is followed by 1.0810.”

“Resistance is at 1.0890, which separated ranges in mid-February, is the daily high, and also where the 100 SMA meets the price.”