EURUSD fails to extend the corrective pullback from yearly low beyond 20-DMA and previous support from August. The inability to cross nearby hurdles joins bearish MACD signals and RSI retreat to keep sellers hopeful to revisit the recently flashed multi-day low under the 1.1200 threshold. During the fall, the 1.1200 round figure may offer an intermediate halt while any further downside past 1.1185, will aim for March 2020 bottom surrounding 1.1150. It’s worth noting that the RSI conditions might trigger another bounce off the 1.1150 level, failing to which will make the pair vulnerable to drop towards the 1.1100 psychological magnet.
Alternatively, 20-DMA and the stated support-turned-resistance, respectively around 1.1335 and 1.1365, will precede the recent swing high around 1.1385 to challenge the EURUSD pair’s short-term recovery. In a case where the quote rises past 1.1385, November 12 top surrounding 1.1460 and October’s low of 1.1523 will be in focus. If at all the EURUSD bulls manage to conquer the 1.1523 hurdle, the prevailing bearish trend is likely to reverse.
Alternatively, 20-DMA and the stated support-turned-resistance, respectively around 1.1335 and 1.1365, will precede the recent swing high around 1.1385 to challenge the EURUSD pair’s short-term recovery. In a case where the quote rises past 1.1385, November 12 top surrounding 1.1460 and October’s low of 1.1523 will be in focus. If at all the EURUSD bulls manage to conquer the 1.1523 hurdle, the prevailing bearish trend is likely to reverse.