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The euro looks set to build on its recent gains made against against the dollar this week.

The euro to dollar exchange rate (EUR/USD) is recovering from October's selloff and a move above 1.1650 is possible in the coming days as that move builds in confidence.

Momentum is turning in the euro bulls' favour, with EUR/USD breaking through the 21-day exponential moving average (EMA) last week; a first step in shifting the trend from lower to higher.

"Technically, euro buyers managed to push through the 21‑day moving average into the weekend, breaking a cap that had held since early October," says Antonio Ruggiero, an analyst at Convera.

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