EURUSD remains pressured below 50-SMA, monthly low in focus
Despite bouncing off intraday low, EURUSD remains below immediate hurdles, namely 50-SMA and weekly rising trend line. Also keeping the pair sellers hopeful are the downbeat MACD and RSI conditions. Hence, the latest corrective pullback could be ignored unless the quote stays below the short-term resistance line around 1.1985. Although a breakout of 50-SMA level of 1.1920 can’t be ruled out. It should, however, be noted that the trend remains bearish unless the quote crosses a downward sloping trend line from May 17, near 1.2075.
Meanwhile, the 1.1900 threshold and the yearly low around 1.1845 can lure the intraday bears. In a case where EURUSD bears remain dominant past 1.1845, the 1.1800 round figure may act as a buffer before driving the prices southward to an ascending support line from November, close to 1.1765. To sum up, the quote remains depressed but intermediate bounces may be expected.
Meanwhile, the 1.1900 threshold and the yearly low around 1.1845 can lure the intraday bears. In a case where EURUSD bears remain dominant past 1.1845, the 1.1800 round figure may act as a buffer before driving the prices southward to an ascending support line from November, close to 1.1765. To sum up, the quote remains depressed but intermediate bounces may be expected.