EURUSD is moving with weak momentum over the last couple of sessions, holding within the short-term simple moving averages (SMAs) and the Ichimoku cloud. The technical indicators are mirroring the latest movements as the MACD is moving sideways around the zero level and the RSI is touching its neutral threshold of 50.
If the market manages to pick up speed, the 40-period SMA at 1.1375 could offer nearby resistance ahead of the 1.1400 psychological mark. A significant close above the latter would break the 1.1480 and the three-month high of 1.1495, raising the chances of further increases.
Should prices decline, immediate support could be found around the 200-period SMA at 1.1340 before visiting the 1.1320 barrier. Then a leg below that level, the pair could meet the 1.1280 level before the focus shifts to the 20-month low of 1.1120.
Overall, EURUSD is bullish in the near term as long as it holds above the 200-period SMA. In case it violates this line, bears could take the upper hand.Â
