- EURUSD breaks SMAs to the downside
- Immediate support at rising trend line
- MACD and RSI suggest more negative movements
EURUSD is showing some strong selling interest over the last couple of days, following the pullback from the 1.0940 resistance level. The price is also falling beneath the 50- and the 200-day simple moving averages (SMAs) with the next support coming from the 1.0795 bar and the medium-term ascending trend line which may act as a turning point.
Looking at the technical oscillators, the RSI is pointing south, crossing the 50 level to the downside, while the MACD is losing momentum beneath its trigger line and near the zero level.
In case of a rebound near the ascending trend line, the pair may meet again the next resistance of 1.0940 ahead of the 1.0980-1.1000 restrictive region.
On the other hand, a successful drop beneath the diagonal line may change the broader outlook to a more neutral one, hitting the 1.0695 support level. Below that, the market may find some pushback near the 1.0655 hurdle before heading lower again.
Summarizing, EURUSD is looking bullish in the medium-term window, despite the latest bearish correction in the very short-term view.
