After an 800-pip drop since late September, the EUR is showing signs of recovery, at least in the short term. The RSI highlighted dramatically oversold levels, attracting buyers on Friday and resulting in a 150-pip rebound so far. This short-term bullish momentum is further supported by the classic Golden Cross signal, where the 20 MA crosses above the 60 MA. However, short-term pullbacks remain possible. Traders looking to capitalize on this momentum with better risk-to-reward ratios may consider waiting for a potential retest of the 1.0450 level. This area aligns with the critical 50% Fibonacci retracement, offering a strategic entry point for buy orders.
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