EUR/USD - EUR/USD Rebounded on the 8-Month Low - 11/28/2016 (GMT)

The EUR/USD pair edges higher over the last 3 days and rose more than 0.7%. The common currency is recording the fourth positive day in a row after the aggressive sell-off from the 1.1300 psychological level until the 8-month low slightly below 1.0520. This week the pair will focus on the U.S. non-farm payrolls report on Friday.

From a technical point of view, the single currency is moving towards the 1.0700 resistance level against the U.S. dollar. Early this morning, the price surpassed above the 50-SMA and is approaching the 1.0780 barrier which overlaps with the 100-SMA, on the 4-hour chart. The technical indicators on the short-term timeframe seem to be in agreement with the bullish thought as both are rising. The RSI indicator is following a positive path while the MACD oscillator is ready to surge above the zero line. On the other hand, a failed attempt will expose the price back to the previous low.