EURUSD (1H) - short term bullish bias
The single currency has been consolidating around the daily demand zone of 1.1100 for a few days. As we previously mentioned, the divergent RSI showed a deceleration in the correction. Yesterday's drop struggled to breach through key support but was met with strong buying interests instead. We would expect the pair to rally higher as the US dollar shows weakness across the board. For more conservative players, a break above 1.1145 would be the final confirmation.
Key support: 1.1100
Key resistance: 1.1170
The single currency has been consolidating around the daily demand zone of 1.1100 for a few days. As we previously mentioned, the divergent RSI showed a deceleration in the correction. Yesterday's drop struggled to breach through key support but was met with strong buying interests instead. We would expect the pair to rally higher as the US dollar shows weakness across the board. For more conservative players, a break above 1.1145 would be the final confirmation.
Key support: 1.1100
Key resistance: 1.1170