EUR/USD Technical Analysis: MACD histogram offers bullish signal for Euro

EUR/USD jumped 0.58% on Monday and looks set to rise further with the daily chart indicator turning bullish for the first in a month. The MACD histogr  |  03/12/2019 00:31
  • EUR/USD's daily MACD has crossed above zero, confirming a bullish reversal. 
  • The pair looks set to invalidate bearish lower highs setup.

EUR/USD jumped 0.58% on Monday and looks set to rise further with the daily chart indicator turning bullish for the first in a month.

The MACD histogram, an indicator used to identify trend strength and trend changes, has crossed above zero, signaling a bearish-to-bullish trend change.

The 14-day relative strength index is also reporting bullish conditions with an above-50 print.

The pair, therefore, appears on track to violate resistance at 1.1097 (Nov. 21 high). That would invalidate the bearish lower highs setup and confirm a double bottom breakout, opening the doors to 1.2 (target as per the measured move method).

On the downside, the Nov. 29 low of 1.0981 is the level to beat for sellers. At press time, the pair is trading at 1.1075, representing little change on the day.

Daily chart

Trend: Bullish

Technical level

 

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