EUR/USD Technical Analysis: The pair is about to test a key technical level

• EUR/USD has had a boost amid broad-based USD weakness.
• Now the pair is testing the 200 period EMA resistance zone.

EUR/USD Daily Chart

EUR/USD is trading 0.33% higher today following weakness in the dollar.

The price is coming up to two important levels now. One is the 200 day EMA.

The second is the previous wave high at the 1.12 psychological level.

The price has made 2 consecutive higher lows and is now looking to make the third higher high wave.

On the hourly timeframe, the price is looking slightly overextended. 

The RSI is at an extremely overbought level and there looks to be a resistance zone before the 1.12 psychological level at 1.1145.

The moving averages look like they are about to have a bullish cross. With the 55 hourly EMA crossing the 200 hourly EMA.

Additional Levels