EURUSD is falling after the rally towards the 1.0700 round number, remaining within the neutral range of 1.0600 – 1.0720.
The pair is still developing beneath the symmetrical triangle, creating a bearish tendency. However, the technical oscillators are showing some mixed signs. The RSI is ticking south beneath the neutral threshold of 50, while the MACD is trying to cross above its trigger line in the negative territory.
If there is a successful attempt of the price to surpass the immediate resistance of 1.0720 and the 20-day simple moving average (SMA) at 1.0730, it may drive the market until the 50- and the 200-day SMAs around 1.0810. Even higher, the pair may rest near the medium-term descending trend line at 1.0830 before hitting the 1.0880 resistance.
On the other hand, a move lower could rechallenge the five-month low of 1.0600 and a potential lower low near 1.0515 could endorse the bearish sentiment in the market.
Summarizing, EURUSD has been bearish over the last four months, and only a bullish move above the 1.1000 round number could change this outlook.
EURUSD maintains sideways move in short-term
RSI and MACD are mixed
EURUSD is falling after the rally towards the 1.0700 round number, remaining within the neutral range of 1.0600 – 1.0720.
The pair is still developing beneath the symmetrical triangle, creating a bearish tendency. However, the technical oscillators are showing some mixed signs. The RSI is ticking south beneath the neutral threshold of 50, while the MACD is trying to cross above its trigger line in the negative territory.
If there is a successful attempt of the price to surpass the immediate resistance of 1.0720 and the 20-day simple moving average (SMA) at 1.0730, it may drive the market until the 50- and the 200-day SMAs around 1.0810. Even higher, the pair may rest near the medium-term descending trend line at 1.0830 before hitting the 1.0880 resistance.
On the other hand, a move lower could rechallenge the five-month low of 1.0600 and a potential lower low near 1.0515 could endorse the bearish sentiment in the market.
Summarizing, EURUSD has been bearish over the last four months, and only a bullish move above the 1.1000 round number could change this outlook.
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