Technical Analysis – EURUSD continues to ease below 1.0950
- EURUSD may find strong support at 200-day SMA
- Price loses 2.5% from 1.1200 level
- Momentum oscillators near oversold conditions
EURUSD is still developing beneath the 1.0950 support level, after the completion of the double top pattern below the 1.1000 key level, which suggests a reversal of the trend. Currently, the price is also standing between the penetrated short-term uptrend line and the 200-day simple moving average (SMA) at 1.0870.
If the selling interest continues, the price may rebound off the medium-term rising trend line around 1.0800 or on the long-term ascending trend line around 1.0775.
On the other hand, a potential pullback could open the way for an upward run toward the 1.1000 psychological mark and the 1.1070 resistance, which holds near the 20- and 50-day SMAs. Even higher, the restrictive region of 1.1200-1.1215 could act as a strong resistance obstacle for the bulls.
Technically, the stochastic oscillator is moving horizontally beneath the 20 level, while the RSI is moving slightly above the 30 zone.
In brief, the EURUSD has lost 2.5% following the downside movement from 1.1200, but the overall market remains positive, particularly as it trades above the 200-day SMA and the medium- and long-term diagonal lines.
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