The EUR/USD closed at 1.1416 on Friday, confirming a falling channel breakout, meaning the sell-off from the September high of 1.1815 has ended and the bulls have likely regained control.
Notably, the bull breakout is backed by the ascending 5- and 10-day exponential moving averages (EMAs). On Friday, the 14-day relative strength index (RSI) also move above 50.00 - in bullish territory.
The stage looks set for further gains toward the 50-day EMA of 1.1465, possibly after a minor pullback as the RSI on the hourly chart has diverged in favor of the bears.
The bullish outlook would be negated if the pair drops below Friday's low of 1.1321.
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