- EUR/USD has hit the highest level since September 16.
- The relative strength index is reporting strongest bullish bias in nearly four months.
EUR/USD is better bid near the one-month high of 1.1086 registered in the North American session on Wednesday and could challenge key resistance at 1.1110 in the next 24 hours, as a widely followed technical indicator is reporting strongest bullish bias since June.
The 14-day relative strength index, an indicator used to gauge the market trend and overbought/oversold conditions, is currently seen at 60.27, the highest level since June 28. A reading above 50 indicates bullish conditions.
The common currency has also found acceptance above the 50-day moving average for the first time since July 18. Further, the 5- and 10-day moving averages are trending north, indicating a bullish setup.
The outlook would turn bearish if the pair closes below 1.0991 – the low of Tuesday’s long-tailed candle – although, as of writing, that looks unlikely.
Daily chart
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Trend: Bullish
Technical levels
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