EUR/USD Technical Analysis: bullish breakout confirmed

• The EUR/USD closed at 1.1416 on Friday, confirming a falling channel breakout, meaning the sell-off from the September high of 1.1815 has ended and the bulls have likely regained control.
• Notably, the bull breakout is backed by the ascending 5- and 10-day exponential moving averages (EMAs). On Friday, the 14-day relative strength index (RSI) also move above 50.00 - in bullish territory.
• The stage looks set for further gains toward the 50-day EMA of 1.1465, possibly after a minor pullback as the RSI on the hourly chart has diverged in favor of the bears.
• The bullish outlook would be negated if the pair drops below Friday's low of 1.1321.

Daily chart

Hourly chart

Trend: Bullish