EURUSD's Bullish Momentum: Indicators and Support Levels
The EURUSD currency pair consolidates its recent gains above the 50% Fibonacci support level, the 1.091 mark, where it formed a hammer candlestick pattern.
As of writing, the Euro trades at about 1.092, with the RSI indicator hovering above 50, which can be interpreted as a signal for the continuation of the uptrend. The EMA 50 and the lower band of the bullish channel support the current uptick momentum. That said, the bull market is likely to extend and test 1.098 as its first barrier.
Conversely, the 38.2% level divides the bull market from the bear market. Therefore, if the price dips below this level, the bull market should be invalidated.