EUR/USD Technical Analysis: EUR peeps above 1.15 after a long-tailed doji candle

The EUR/USD created a big long-tailed doji candle yesterday, indicating the sell-off from the Sept. 24 high of 1.1815 has likely run its course.
A bullish reversal would be confirmed if the spot closes today above the doji candle's high of 1.1503. At press time, it is trading at 1.1512.
The hourly chart is showing that the pair has cleared the descending trendline and is trading above the 50-hour and 100-hour exponential moving averages (MAs). The relative strength index (RSI) of 55 is biased toward the bulls. The 4-hour chart is reporting a bullish divergence of the RSI.
The EUR is likely to post a positive follow-through to yesterday's long-legged doji candle, that is, confirm a bullish reversal. The prospects of a bear-to-bull trend change would drop if the Italian bond yields spike in Europe.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 1.1512

Daily High: 1.1514

Daily Low: 1.1486

Trend: Cautiously bullish

Resistance

R1: 1.1544 (10-day EMA)

R2: 1.1578 (38.2% Fib R of 1.1815/1.1432)

R3: 1.16 (psychological level)

Support

S1: 1.1486 (session low)

S2: 1.1464 (Oct. 3 low)

S3: 1.1432 (previous day's low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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