EUR/USD: Bullish evolution to confront resistance at 1.1375

EUR/USD Tuesday's 4-hour chart is pointing to a better picture for the bulls as downside momentum is easing. Yohay Elam, an analyst at FXStreet, marks the next resistance at 1.1375 while the pair is trading flat at 1.1323. 

Key quotes

“While momentum on the 4-hour chart is still to the downside, it is weaker than beforehand. Also, EUR/USD topped the 50 Simple Moving Average, another bullish development.”

“Resistance is at 1.1375, which was a swing high last week. It is followed by 1.1425, the monthly peak, and then by 1.1495, the high point in March.”

“Support awaits at 1.1270, a stepping stone on the way up, followed by 1.1240, a support line last week.”