EURUSD (1H) - short term bullish bias
On the daily chart, the euro bounced off the 61.8% (1.0995) Fibonacci retracement level following the October rally. The price is now heading toward the previous high of 1.1180 if the correction maintains its momentum. On the hourly chart, sentiment started to turn bullish at the end of last week. The RSI divergence indicated a brake in the bearish momentum, then the breakout above 1.1020 and the bullish MA cross foreshadowed the upcoming rally. 1.1090 will be the next target.
Key support: 1.1040
Key resistance: 1.1090
On the daily chart, the euro bounced off the 61.8% (1.0995) Fibonacci retracement level following the October rally. The price is now heading toward the previous high of 1.1180 if the correction maintains its momentum. On the hourly chart, sentiment started to turn bullish at the end of last week. The RSI divergence indicated a brake in the bearish momentum, then the breakout above 1.1020 and the bullish MA cross foreshadowed the upcoming rally. 1.1090 will be the next target.
Key support: 1.1040
Key resistance: 1.1090
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.