After
a relatively bad week, the EUR/USD pair closed higher, close to 1.12 handle. On
Friday session the pair gained around 50 pips and erased the losses.
Technically speaking the four hour time frame is showing some vital signs for
the bulls. RSI has moved above its mid-lines, but has lost directional
strength. Stochastic is located within extreme overbought territory and is
displaying strong upward strength.
Short term outlook has switched to bullish with first bull’s target seen at
1.1210 (200-day SMA).
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