EURUSD changed direction to the upside after touching the upper surface of the Ichimoku cloud in the four-hour chart but stronger evidence is needed to support that the recovery could hold for longer, as the RSI is still close to its 50-neutral mark. The MACD has also yet to give positive signs, as the indicator continues to fluctuate far below its red signal line.
Moving south, the 50% Fibonacci of the rally from 1.1269 to 1.1485 at 1.1376 could provide nearby support ahead of the 61.8% Fibonacci of 1.1351, which is not far below the 200-period simple moving average. If the latter fails to halt downside movements, the door could open for the 1.1300 barrier, while even lower, all eyes will turn to the 1.1269 bottom.
In case the rebound continues, resistance could come around the 23.6% Fibonacci of 1.1433. Even higher, the area between 1.1470 and 1.1500 may attract bigger interest as any significant violation of this region would bring the bullish outlook back into play, increasing speculation that the recovery may keep on, probably until 1.1550.
In the bigger picture, EURUSD maintains a relatively neutral outlook, within the 1.1269 and 1.1485 walls.
Written by Admin
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