The EUR/USD extended its rebound from the 200-day Simple Moving Average (SMA), rising for the third consecutive day. The pair has surpassed the 20-day SMA, which is currently turning flat, indicating a positive outlook for the Euro, that stands at the 100-day SMA. The daily chart also shows bullish momentum remaining intact.
On the 4-hour chart, EUR/USD seems to have lost some momentum but maintains an overall bias to the upside. The Relative Strength Index (RSI) is above 50, while the Moving Average Convergence Divergence (MACD) remains strong in favor of the Euro. A consolidation above 1.0930 would suggest further gains, with the next resistance level at 1.0980.
A bearish correction could see a pullback to 1.087 without significantly altering the bullish bias, which will hold as long as the price remains above the 200-SMA, currently near 1.0850.
On the 4-hour chart, EUR/USD seems to have lost some momentum but maintains an overall bias to the upside. The Relative Strength Index (RSI) is above 50, while the Moving Average Convergence Divergence (MACD) remains strong in favor of the Euro. A consolidation above 1.0930 would suggest further gains, with the next resistance level at 1.0980.
A bearish correction could see a pullback to 1.087 without significantly altering the bullish bias, which will hold as long as the price remains above the 200-SMA, currently near 1.0850.