EURUSD 4H: Bullish outlook seen, further upside above 1.1050

Price is currently range bound between the high of 1.1080 and the low of 1.0920. However, price is hovering over a key support zone at 1.0950. A throwback to this support zone, which coincides with the 78.6% Fibonacci extension, could provide the bullish acceleration to the resistance zone at 1.1050. RSI exited the oversold region at 40, supporting our bullish bias.