The EUR/USD pair has bounced back up from our identified support zone on a 30 minute time frame. This support zone was given in our analysis last week. The price has moved nearly 91 pips at the time of writing this article, when the risk involved was only 22 pips. This is more than 2:1 ratio, which any day traders will be more than happy to take. The price has also completed its descending triangle pattern which enabled it to break its minor support zone as shown on the card. The price has moved above the 50day (shown in yellow) moving average, but still trading below the 100 day (shown in red) moving average, which translates that the downward trend is losing its steam and a break of 100 day moving average will confirm the uptrend.
The RSI and the MACD indicators are trading in line with the price action which means that the bias remains towards the upside.