- EURUSD continues the rebound off 1.0670
- Price is bullish in near term
- Momentum oscillators are mixed
EURUSD is finding strong support at the 200-period simple moving average (SMA) in the 4-hour chart near 1.0785. Also, the pair has been holding in an upside tendency after the bounce off 1.0670, with the MACD oscillator is holding above its trigger and zero lines. However, the RSI is flattening slightly beneath the 70 level.
If the bulls drive the market higher, then the pair could retest the previous spike towards 1.0817 before resting near the 1.0850 level. A challenge to the 1.0900 psychological level could also switch the broader outlook to bullish.
On the flip side, a drop beneath the 200-period SMA could meet immediate support at the 1.0775 level and even lower the 20-period SMA at 1.0757. The 1.0735 bar could act as a reversal point for the market ahead of the 50-period SMA at 1.0730.
To summarize, EURUSD looks bullish in the short term, but bearish in the long term.
