EURUSD has been in a slightly descending movement after the break below the rising channel in the previous month. Currently, the price is capped by the short-term simple moving averages (SMAs) and the red Tenkan-sen and the blue Kijun-sen lines. The RSI indicator fell below the neutral threshold of 50, while the MACD is flattening around the zero line, failing to signal a clear direction on price.
If the price continues to move lower, immediate support is coming from the 1.1687 level, which is the 23.6% Fibonacci retracement level of the up leg from 1.0635 to 1.2009, before flirting with the 1.1611 barrier, taken from the latest low. A decline below these levels could open the door for the inside swing high of 1.1500, registered in the beginning of March.
On the flip side, in case of a successful jump above the 40-day SMA and the 1.1830 resistance, the market could hit the upper surface of the Ichimoku cloud around the 1.1870 level. Above that, the bulls could move towards 1.1960 and then to the 29-month high of 1.2009.
Summarizing, EURUSD is failing to improve the bullish picture that holds in the long-term timeframe. A climb above 1.2009 could increase the buying interest.
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