EUR/USD – 1.12000 in sight

The EUR/USD on the 4-hour time frame has been following an uptrend recently. The price jumped above the key level of 1.11800 on 21 October to reach the highest level of period under study at 1.11805. Bulls are pushing the price higher as key technical indicators are supporting the bullish trend. The price action in the currency pair is mainly driven by the recent weakness in the US Dollar. As of writing, the price is hovering around 1.11655 with positive MACD and price above 200 period simple moving average.
The 4-hour chart of the EUR/USD confirms the positive sentiment in the price movement as the currency pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is above the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the currency pair. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 1.08792. Bears must break this level in order to regain bearish sentiment in the market.