Technical analysis of EUR/USD for October 11, 2018
EUR/USD is showing more signs of strength as price is staying above 1.15. Short-term trend is about to change to bullish. EUR/USD has made a low very close to our target of 1.1420-1.14 and has reversed to the upside as we expected from our previous analysis.
Red lines – bullish divergence
EUR/USD formed a bullish hammer candlestick pattern 2 days ago and the follow through remains supportive of a trend change. EUR/USD reached as high as 1.1572 and a daily close above 1.1560-1.1570 would be an ideal bullish signal for today. There are a lot of chances the low is in at 1.1432. I remain bullish EUR/USD.