EURUSD (4H) - short term bullish bias
Following the bullish MA cross on 3 October, the euro broke above the bearish trend line from the daily chart. This is a strong indication that selling pressures have eased off. As the RSI is falling back from the over-bought zone, we expect the pullback to continue today towards the area between the rising trend line and the moving averages. These support levels could offer strong demand to propel the price to 1.1100.
Following the bullish MA cross on 3 October, the euro broke above the bearish trend line from the daily chart. This is a strong indication that selling pressures have eased off. As the RSI is falling back from the over-bought zone, we expect the pullback to continue today towards the area between the rising trend line and the moving averages. These support levels could offer strong demand to propel the price to 1.1100.