EUR/USD TECHNICAL ANALYSIS: MINOR PULLBACK COULD BE IN THE OFFING BEFORE FURTHER UPSIDE UNFOLDS

• The EUR/USD could revisit former resistance-turned-support level of 1.1750 before building on a bullish close above 1.17, as the hourly chart is showing a bearish divergence of the relative strength index. Further, the MACD on the hourly chart has adopted a bearish bias.
• The minor pullback, if any, could be short-lived as the overall bias is bullish. The 5-day, 10-day moving averages (MAs) are trending north, the daily RSI is holding above 50.00 (in a bull territory) and the daily MACD is indicating the bullish move is gathering pace.

Hourly Chart

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