EURUSD: new bullish momentum above EMA50 from 1.04485

<div><img width="1000" height="707" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/07/shutterstock_111019364-1.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="euro" decoding="async" loading="lazy" /></div><h1><b>EURUSD: new bullish momentum above EMA50 from 1.04485</b></h1>
<ul>
<li aria-level="1">The EURUSD has been retreating from the 1.12757 level since mid-July, and this week, the pair formed a new yearly low at the 1.04485 level.</li>
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<h2><b>EURUSD chart analysis</b></h2>
<p>Today’s chart review will be on a four-hour time frame in order to give us a broader overview of EURUSD movements in the previous period, and based on that, we will analyze the future potential trend.</p>
<p>The EURUSD has been retreating from the 1.12757 level since mid-July, and this week, the pair formed a new yearly low at the 1.04485 level. We will focus on the period from mid-August to today. As we can see on the chart, the movement takes place in the <a href="https://www.financebrokerage.com/umma-token/">bearish</a> channel, and there are no major breakouts that could change the trend.</p>
<p>At the end of August, we had an attempt to initiate a more serious recovery from the 1.07660 level, breaking above the EMA50 moving average (yellow line). We also made a retest at the EMA50, which at that moment was a bullish signal so that we could see a bigger bullish movement of the EURUSD. Unfortunately, the pair stops at the 1.09456 level and returns below the EMA50 and into the previous bearish channel.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-231971 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/Q4uaJvvP-1024×620.jpg" alt="EURUSD Chart Analysis" width="1024" height="620" /></p>
<h2><strong>Previous bearish consolidation continued</strong></h2>
<p>After that, the previous bearish consolidation continued with the formation of a new lower low this week at the 1.04485 level. Now we see a similar movement as at the end of August. First, a bullish consolidation, then a breakthrough above the EMA50 moving average and the formation of a lower high for now at the 1.06000 level. We need a new retest at the EMA50 moving average as a confirmation of a new higher low and the initiation of a new bullish impulse.</p>
<p>We can also pay attention to the strength of that bullish pullback to the upside. In the first attempt, EURUSD recovered by 1.67%, and the current bullish attempt is at 1.44%. Based on that, we need a stronger pullback compared to the previous one, which would leave room for consolidation, the formation of a new bottom and continue on the bullish side. Potential higher targets are 1.07000 and 1.07500.</p>
<p>A return below the EMA50 moving average would return us to the previous bearish channel, and we would likely see the formation of a new low after that. Potential lower targets are 1.04000 and 1.03500 levels.</p>
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